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Fatwa CenterInsurance policies are forbidden
Question
I had paid some life insurance policies on an educational plan for my kids. I will stop from contracting life insurance anymore, can I still continue to pay for it. Since we would lose a lot if we refund the payments made.
Answer
Praise be to Allah, the Lord of the Worlds; and may His blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.
For life insurance, please read Fatwa: 81441.
As for the insurance on children's education it is not lawful if done with the commercial insurance companies as such contracts include gambling and risk. The Fiqh council issued a Fatwa forbidding this type of insurance.
So, anybody who happened to have fallen in such illicit contract should revocate it immediately if possible. He should also repent to Allah from this sin. He should feel remorse for such act and be resoluted never to return back to it.
There is no harm that one loses some money. In fact, losing in this life is nothing as compared to the big loss of the Hereafter. In this case, the person should ask Allah to reward him for his avoiding to profit from forbidden things. Indeed, Allah will substitute it for you with a better thing and will reward for each good act ten good deeds.
Allah knows best.
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