In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
In this fatwa:
1- Insurance is prohibited in Islam as long as it is not mandated by the country you live in.
2- Life insurance is not halal and if you feel you need it, please reach out to your local imam to discuss this on a case by case basis.
Sheikh Navaid Aziz answers your question in this video:
Almighty Allah knows best.
Source: FaithIQ Channel