what is concept of life insurance in islam?is it legal or forbidden in islam?please reply in detail.?

Answer 1

As far as I know life insurance is not allowed in Islam.

Answer 2

It is the same products assurance and it cover almost the same risk as all life assurance, the difference is how the premiums are invested (Islamic way). It used to be banned and many people think it is evil. Now there are many Islamic assurances and it works by sharia law i.e. 2 wives can benefit from the policy.

Answer 3

Why would it be forbidden? All it does is guarantee that your loved ones will be taken care of after you die, as well as cover (extremely expensive) funeral costs.