Basically, Approval Rating and Life Expectancy both measure the
excess 
and

you have in your cities.
If you're dead last in one and #1 on the other, then it means most (if not all) of your cities are at their

or

cap (whichever one you're last in).
If you're dead last in both, then it means your

&

caps are roughly the same value and that your cities are all at or above their cap.
If you're #1 in both, then it means your empire is smaller than it should (could) be and that you need to grow your cities to reach their

and/or

cap (whichever comes first).
OR, if you're #1 in both, then you're most likely at the end of the game with ridiculous amounts of

(maybe you kept all your forests or are running Environmentalism) and have your Culture slider at 100% for super happiness.
Whatever the case, you'll learn a LOT more from the city screens than trying to decipher what these might mean to you.