Life Insurance Haram – A working man has to go through a lot of hardships and difficulties in his life when it comes to the future of his children, because women have to stay at home and do housework and take care of the family, that’s the reason. so much work has to be done at home to support the family.
Man’s greatest responsibility is to ensure the future of his children and family if something goes wrong. In addition to many questions, there is still a question that does not have a correct answer. Are life insurance policies halal or haram? Today’s article is about this topic, which has yet to be properly answered around the world.
Life Insurance Haram
Life insurance is basically a way to insure your future. Tithing means that their family will provide money and things that will help them later if something goes wrong.
Life Insurance Is Haram
A life insurance program provides a foundation for the family and the security of the children until they reach an age where they can take care of themselves. But many scientists are trying to find the answer, is life insurance or not? And if so, what are the reasons? And if not, then why are you hesitating to take the package?
The first is called the maturity policy and the second is the insurance policy. These two packages are available from almost every life insurance company.
With this life insurance, Modest premiums are insured for 20 and 18 years, respectively. Thus, after his death, his family will receive the agreed amount of money for a long time. If the insurance policy expires and the person is still alive, they will get nothing. But he will be well aware that he will leave a lot for his family.
With this second type of policy, a much higher payment is deposited into the insurance company over the life of the policy. According to the investment rules of the insurance company, when the policy matures, the insured receives a lot of money, including interest and profit.
Is Life Insurance Halal? Everything You Need To Know
The profit received under the endowment policy will only be halal if the insurance company invests the money in companies that are governed by Sharia and Islamic law. If it is not in accordance with Islamic rules, then it is haram.
For example, if an investment is made by a real estate or trading company that is subject to Islamic rules, it also shares the profit among its policyholders. It is not possible to determine the rate of return in this case at the beginning of this insurance policy.
There is no insurance company that deals in 100% Sharia enhanced investments. Is life insurance haram or halal? Most scholars believe that life insurance is not halal. With changes in nature you are interested and do not believe in Allah.
It would be best for you to maintain a firm faith in Allah. If Allah provides during your lifetime, then He can also provide for your children.
Is Life Insurance Halal Or Haram? 
There are many other options you can use to secure your children’s future. For example, investing in companies and real estate or accumulating savings that will bring regular income.
Varda holds a bachelor’s degree in journalism from Carleton University. Now, as a leading journalist, she covers various topics on Islamic information. Our powerful search provides results from different types of content to provide you with relevant information.
In my previous article Is insurance haram or halal? (Also in the video above) I have discussed some of the main arguments why insurance should be considered permissible from a Shariah point of view. However, I promised a follow-up article on life insurance at the end of the article, as I noted that it is different from your standard loss protection insurance and therefore requires further research.
In a nutshell, there are two types of life insurance. One is best understood as another example of a standard hedge, while the other is best described as an investment vehicle. The first is therefore admissible (according to the same arguments from the previous article), but the second only if basic investments are admissible.
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There are many permutations and variable types of life policies, but basically they all fall into one of the two areas below.
B) Survive beyond 50 years and the policy simply expires. The insurer simply keeps the £3,000 you have paid up to that point, just as the insurer keeps your car insurance premium each year.
While you are thinking about financial planning after the death of your loved ones here, you should also think about arranging your Islamic Will.
On average, people lose their wealth or lose up to £9,700 due to tax inefficiencies when they die without a will. Also, as a Muslim, it is very important that your inheritance is separated according to the Islamic principle. So, if you are a UK resident, check out IFG Wills and secure your Islamic Will in 30 minutes.
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This type of insurance is very similar to all the other types of protection insurance that we discussed in the previous article. The same arguments apply, namely:
However, there may be some unique objections to life insurance that cannot be compared to other types of insurance, so let’s see if they are compelling.
The first is that, unlike other forms of insurance, the goal of life insurance is to insure against the loss of life and the survival of the family after death.
And He is the one who gave you life; then He causes you to die and then [again] gives you life. [22:66]
Is Life Insurance Halal Or Haram?
There is no moving creature on earth, but Allah is responsible for its maintenance. [6:11]
Do not kill your children for fear of poverty. We will ensure survival for all of you. To kill them is surely a great sin. [17:31]
“Umar said: “I heard the Messenger of Allah, may Allah bless him and grant him peace, say: “If you relied on Allah, as you should rely on Him, He would take care of you like birds. They fly away early in the morning hungry and come back full in the evening.” [Tirmidhi]
The argument is that buying life insurance encroaches on the domain of Allah. Allah has specifically mentioned life and livelihood as two categories that we should not worry about – that is in Allah’s hands.
Is Life Insurance Haram Or Halal In Islam?
But this argument is so weak that I’m afraid I’ve framed it as a straw man. There are two obvious answers to this: (1) Allah says that He is responsible for life and death and provides sustenance, but He does not want us all to relax and give up or take any precautions. The
Anas ibn Malik reported: A man from the Ansar came to the Messenger, peace and blessings be upon him, and asked him. The Prophet said, “Have you nothing in your house?” The man said, “Yes, a piece of cloth, part of which we carry and part of which we spread on the ground, and a wooden bowl from which we drink water.” The Prophet said, “Bring them to me.” A man brought him these articles and the Prophet took them in his hands and said, “Who will buy them?” Someone said, “I’ll buy them for a coin.” The Prophet said twice or thrice, “Who will offer more than one coin?” Someone said, “I’ll buy them for two coins.” He sold them for two coins and the Prophet said, “Buy food with one of them and give it to your family. Buy an ax and bring it to me.” The man brought it to him. The Prophet attached the handle to it with his own hands and said, “Go collect wood and sell it, and do not let me see you for two weeks. ” The man went and collected wood and sold it. When he earned ten coins, he came and bought clothes and food. The Prophet said: “This is better for you than asking to come as a stain on the face on the day of St. Resurrection. Begging is suitable only for three people: one in dire poverty, one in deep debt, and one who has to pay a heavy compensation.[Abū Dawud]
“The duty of a Muslim who has something to leave behind is not to spend two nights without writing a will about it” (Sahih al-Bukhari)”
. Again, Islam teaches us to take all necessary precautions to provide for our family even after death. In fact, Islam forbids bequeathing more than 1/3 of an estate to anyone other than the immediate family of the deceased.
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Argument (2) against this objection is that all other forms of assuring protection would also be impermissible, since Allah is also Shafi’i’s ‘healer’ and Hafiz’s ‘protector’. So
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