fantasy life vs phantasy

fantasy life and phantasy both are nouns.

Word	Noun	Adjective	Verb	Adverb
fantasy life	Yes	No	No	No
phantasy	Yes	No	No	No

As nouns, phantasy is a hypernym of fantasy life; that is, phantasy is a word with a broader meaning than fantasy life:

Other hypernyms of fantasy life include fantasy.

fantasy life (noun)	phantasy (noun)
an imaginary life lived in a fantasy world	imagination unrestricted by reality
	something many people believe that is false
	fiction with a large amount of imagination in it