Life, if it manages to struggle along on such a planet, will be very hard or perhaps be underground. More likely a circular belt between the two sides - a sort of twilight zone - could be the place for life to evolve and flourish. In this dusk band around the planet, where star will be permanently hanging very low near the horizon or perhaps the stellar disc partially peeking above the horizon, with an ever-colourful red, yellow sky due to scattered light, the temperatures would be more moderate, right in between the hot and cold sides. However the heat on one side would cause the air to rise, creating a low pressure system, while the cold on the other side would cause the air to sink, creating a high pressure system. This would cause the planet to experience a constant and violent circulation of air, or, essentially a planet-wide hurricane. The constant air circulation would actually circulate the temperatures extensively and extremes in temperature would mitigate. Water cycles with huge rivers crossing from cold to hot side might make living there possible.