Taking motivation from the low life insurance penetration in Africa, this paper seeks to examine the determining factors of life insurance consumption on a sample of 31 African countries from 1996 to 2010. We examined the effect of financialand demographic variables on life insurance consumption proxied as the ratio of life insurance premiums to gross domesticproduct. The econometric models are estimated using the panel corrected standard errors ordinary least squares and thegeneralized method of moment’s techniques of Beck and Katz (1995) and Arellano and Bond (1991), respectively.