Yes a laminated bow can be a traditional bow. My advice is if this is your first bow purchase, don't buy off of e*&y, buy a bow from a well known manufacturer, keep the draw weight light and learn how to shoot correctly. I'm not trying to discourage you from self bows because they are great bows, but better you start safe and learn the sport with the satisfaction that if the bow does break you may be covered.
As far as how long bows last....that is all up to how well was the bow made, how well is the bow treated and a bit of good luck. I have a bow from 1964 that is still going strong.