Both, but Life Seal is more for through hulls
Personally I do not like using silicone or silicone hybrids, like Life Seal, for below waterline fittings even though Boat Life says it's OK. Life Seal is a combination of silicone and polyurethane.
The silicone can contaminate the hull so the next time you re-seal an underwater fitting it may never seal correctly. Most companies do not recommend silicone for below waterline use, 3M included. Boat Life feels comfortable with their PU/silicone combo but I would choose Life-Calk (polysulfide) over Life Seal every time for that application..
One reason I dislike Boat Life products is their confisng marketing. You need to be VERY careful buying LifeCalk and Life-Calk.
Just noticed this on the Boat Life web site. I hope it is a typo!!
LifeCalk is a 100% silicone based product.
Life-Calk is a 100% polysulfide sealant..
Bad marketing 101?