Loin bacon is leaner and comes from a whole loin, smoked and sliced like a bacon. It is similar to what most folks would call Canadian bacon.
If you plan to cook this up within the week, keep it in the fridge. If you are not sure, then go ahead and freeze it. Thaw slowly in cool water before cooking.
This is sliced in 3/4 pound packages and all spices and flavors are real and naturally occurring - no nitrates, of flavor enhancers - why would you need them on meat that is this good?