German is a bit weird about that and I can't judge the english sentence. We say: Technology improves our life – you can find that phrase very often –, since it's improving the conjoint lives of many, many people at once or life overall. But you would find "unsere Leben" there, too, since it might improve your individual, personal life if it's not relevant to just each and everyone. I found a newspaper headline that says: Unsere Leben liegen auf Eis – Here, each individual life of every affected person is on ice/hold.
To make a long story short: Both answers are fine, both in their own right.
That is interesting. English handles that a little differently: I think we would sometimes use "our life" but only in relatively small circles--for a couple, a household, perhaps--at most--a small insular community. For many people, we'd say "our lives" (plural), but we might also say "our way of life" (singular, but including a wide range of abstract and concrete aspects. So either English translation ("our lives" or "our life") would be OK, depending on the speaker's intent.