In life, A working man has to go through lots of problems and troubles when it comes to the future of his children since the women have to stay home and do the household works And take care of the family, so that’s why the man of the home has to do so much work to support his family.
Security of Future
It is the biggest responsibility of a man to secure the future of his children and family if something wrong happens. Besides many questions, there is still a question that does not have a proper answer. Is it whether life insurance policies are halal or haram? Today’s article is regarding this topic that does not have a proper answer yet around the globe.
Life insurance is basically a way to secure one’s future. Tith means if something went wrong with them, then their family will have backed up money and things Which will help them later.
The Life insurance debate
The basis for the family and the safety of children is provided in the life insurance program until they are at the age where they can look after themselves. However, many scholars try to search for an answer if whether life insurance is haram or not? And if yes, then what are the reasons behind it? And if it is not, then Why hesitate to pick up a package?
2 Types Of Life Insurance
There are two types of life insurance Which provide two packages.
The first one is called term policy, and the second one is provided endowment policy. These two packages are available in almost every life insurance company.
1. Term policy
In this type of life insurance, Modest premiums are Insured for over 20 or 18 years. So after his death, His family Will receive an agreed amount of money for a long period of time. If the insurance policy ends and the person is still alive, he will not get anything. But he will be well aware that he will leave a lot for his family.
2. Endowment policy
in this second type of policy, a lot of Larger payment is invested to the insurance company Over a period of the policy. Under the terms of investment by the insurance company, When the policy reaches maturity, then the Insured person receives a large amount of money, including interests and profits.
Is the profit haram or halal?
The profit received under the endowment policy will only be halal if the insurance company invests Money into the companies Which are under shariah and Islamic law. If it’s not Under Islamic rules, then it’s haram.
For example, if an investment is being made By a real estate or trading business Which is under Islamic rules, it also shares The profit Among its policyholders. At the beginning of this insurance policy, the level of profitability cannot be determined in this case.
There is no insurance company which deals with 100% shariah improved Investments. Is life insurance haram or halal? Most scholars believe that life insurance is not halal. You are taking interest and lacking belief in Allah by making changes in nature.
It would be best if you kept a strong belief in Allah. If Allah is feeding during your Lifetime, Then he can feed your children as well.
There are still many other options through which you will secure the future of your children. For example, Investing in businesses and real estate or keeping savings through which regular income will be generated.