Sheikh Al Azher, Al Sheikh Jadal Haq Ali Jadal Haq issued a Fatwa which appeared in Al Iqtesadul Islami, July 1995, he regarded the life insurance as illegitimate on the following grounds :

1. In the light of the principles of Shariah no one could ensure other’s wealth or property unless there is a fear of unjust enrichment, losses or destruction. In a life insurance policy these three circumstances are not available. Moreover, a life insurance policy involves the element of Riba and therefore it is not allowed in Islam.
2. Life insurance is a policy which insures one’s life and thus it is not permissible in Islam
3. Life insurance involves Gharar (uncertainty).
4. It is not a mutual cooperation contract.

Note :
The detailed answers to his objections have been given in this book in the light of the Fatwas and studies of other scholars and intellectuals.