<p>Developing a strategy to increase happiness is one of the main objectives of a prosperous economy. Thus, the aim of this article is to assess the effect of insurance on the quality of life of populations south of the Sahara. To achieve this, insurance penetration rates (life and non-life) are used as a measure of the level of insurance development, while the scale of life index captures subjective well-being as a proxy. Estimates of the basic model are based on a sample of 31 sub-Saharan African countries observed over the period 2006–2022, using a Driscoll–Kraay regression. The results show that the development of insurance (life and non-life) increases the well-being of Africans. However, this effect differs according to political system and income level. In addition, non-life insurance has a stronger impact on well-being than life insurance. The robustness of the Tobit and Quantile Regressions confirms the results of the basic model. Culture has also been identified as a channel through which insurance can have a greater impact on the well-being of people in sub-Saharan Africa. Policies aimed at promoting the well-being of Africans should consider promoting investment in the development of insurance, particularly life insurance.</p>