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We use this expression as a comment after something has happened - often something a little negative. It's a little philosophical.
Written: Yes
Spoken: Yes
Formal: No
Informal: Yes
Example 1
I worked hard, got the qualifications, found a good job - then the company went bust!
That's life!
Example 2
Everyone got a free magazine except me - they ran out when I was in the queue.
That's life. That always happens to me.
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