The economic impact of a life cannot be over emphasized. The risk of injury such as incapacitation or death may result in serious financial hardships to an individual’s immediate dependents. Therefore, proper financial planning and security is important on a life with economic value. It is against this background that the researcher sought to explore the prospects of life insurance as social security mechanism. Insurance plays enormous roles in every thriving economy by guaranteeing security for lives and properties. Life insurance over the years has been instrumental in offering economic securities. The study had revealed that there is the need for life insurance as it provides financial relief during old age. It also emerged that educational endowment and term assurance policies are the most common life insurance policies in Ghana.