Is it permissible to pay for life insurance monthly, where the insurance company pays a sum of money to the family in case of death?
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1 Answer
Peace be upon you.
Grand Ayatollah Sayyid Sistani (may Allah protect him):
It is permissible, but if the contract includes a return of the money after a period with profit, then it is considered usury (riba) and is forbidden. However, it is permissible to agree on an investment basis with a specified percentage of profit for the insured, not a percentage of the money.
Source: Official Website
Grand Ayatollah Sayyid Khamenei (may Allah protect him):
There is no religious objection to life insurance or other types of insurance.
Source: Answers to Inquiries, Insurance
May you be successful in all good.