All types of insurance are Haram (prohibited). They involve Jahalah (sale with lack of knowledge), Gharar (fraudulent transaction where details about the sold item are unknown or uncertain) - both of them are not pardoned - gambling, unjustly taking people's money, and Riba (usury/interest). There are many legal proofs that all these transactions are forbidden.
In short : in Islam you can't trade or make commercial transactions about that which you do not own. Our life is in God's Hands - we do not own our lives, we merely "look after" it.
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