1:1 is life-size, while 1:2 is half life size. On many older macro lenses, or on newer but more compact macro lenses, the lens will reach half life-size as it was sold, but will require an extension ring (a lens-less,hollow metal spacer) to be mounted in between the body and the macro lens; with the extension tube installed, the lens will be able to have enough focusing extension to reach 1:1.
A lens that focuses to 1:2 is much better than many so-called "zoom macro" lenses which often go down to something pathetic like 1:3.8 or 1:4.2,which is hardly macro.