Abstract This paper discusses the impact of development in the economic environment on the demand for life insurance. The main macroeconomic variables discussed in this study are income, financial development, inflation, interest rate, savings, and stock market returns. The study also examines some demographic variables that are expected to have an impact on life insurance such as population size, mortality rate, dependency rate and life expectancy. Time series analysis is also used to predict the expected demand from life insurance. The study concludes that income, insurance price, population size, and life expectancy are important economic and demographic variables linked to demand for life insurance. The main recommendation of the study is to exploit the continuous growth of the 2 population to raise awareness and culture of insurance and the need to provide insurance services commensurate with individual income.