Whether you call it a wooly bear caterpillar or a wooly worm caterpillar, the wooly bear is the same thing. Wooly bears are a furry insect that can be spotted during the fall months in large numbers. They can be seen inching along the ground in small groups or alone. While you will notice them in great numbers during the fall months, the wooly bear caterpillar actually has two life cycles. This means you can also find them inching along the ground in June and July as well.