We first discuss the results for column (a) in this section. All thediagnostics of the various estimations proves the fitness of model in explaining life insurance consumption in Africa. Forthe OLS-PCSE, the adjusted R-squared of 0.6042 implies that both financial and demographic factors explain 60.42% of lifeinsurance demand in Africa while the p-values of Hansen J test greater than 0.05 indicates that all instrumental variableshave been correctly specified.