Eminent Ulema and Islamic Organisations who have issued Fatwas in favour of insurance cover, include:
Jamat-e-Islami,
Islamic Fiqh Academy,
Idara-e-Tahquiquat Nadwatul Ulema,
Maulana Abul Lais Islahi,
Maulana Shams Peerzada,
Maulana Mujahidul Islam Qasmi, etc.

Maulana Shams Peerzada was in favour of the Life Insurance cover as a safeguard against communal riots.
(by M H Lakdawala, The Milli Gazette 1-15 April, 2002 “Insurance and Riots”)

(complete article of Milli Gazette can be seen in the chapter “Misconceptions About the Life Insurance“)