Regarding feelings towards people: In general, you are correct that "love" expresses a greater intensity of feeling for another person than the word "like" or even the words "like very much." When the feeling becomes so intense and so tender that the other person is as dear to us, or even more dear to us, than we are to ourselves, then "love" would certainly be used.
When it comes to objects, we generally use the word "like". ("I like my new iPhone.") However, one can use the word "love" to express an even greater intensity of enjoyment or pleasantness. ("I love my new iPhone.") However, in this case, the word "love" is a hyperbole, and is basically the equivalent of say, "I like my iPhone very much."