1% risk per year = for every year you live you have a 1% chance of getting said disease. So if a man is 63 and has a 1% risk per year of getting disease X, he has an 11% chance of getting the disease if he lives till 74.
1% life time risk= in patient's entire life they have a 1% chance of getting disease Y, regardless of how long they live. So if a mand is 63 and lives 2 more days or 30 more years he has a 1% chance of getting disease Y.
Hope that helps