We first discuss the results for column (a) in this section. All the diagnostics 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 life insurance demand in Africa while the p-values of Hansen J test greater than 0.05 indicates that all instrumental variables have been correctly specified.