Taken from : http://www.jewfaq.org/olamhaba.htm
Traditional Judaism firmly believes that death is not the end of human existence. However, because Judaism is primarily focused on life here and now rather than on the afterlife, Judaism does not have much dogma about the afterlife, and leaves a great deal of room for personal opinion. It is possible for an Orthodox Jew to believe that the souls of the righteous dead go to a place similar to the Christian heaven, or that they are reincarnated through many lifetimes, or that they simply wait until the coming of the messiah, when they will be resurrected. Likewise, Orthodox Jews can believe that the souls of the wicked are tormented by demons of their own creation, or that wicked souls are simply destroyed at death, ceasing to exist
Some scholars claim that belief in the afterlife is a teaching that developed late in Jewish history. It is true that the Torah emphasizes immediate, concrete, physical rewards and punishments rather than abstract future ones. See, for example, Lev. 26:3-9 and Deut. 11:13-15.
96. And verily, you will find them (the Jews) the greediest of mankind for life and (even greedier) than those who – ascribe partners to Allah (and do not believe in Resurrection – Magians, pagans, and idolaters, etc.). Everyone of them wishes that he could be given a life of a thousand years. But the grant of such life will not save him even a little from (due) punishment. And Allah is All-Seer of what they do.