I had a friend who used to do that, and Yes it is Haram to sell Life Insurance.
Problem 1.
Life Insurance you are putting a price tag on a Human Being which is Not Allowed. You will be Surprised how many children are wishing for their Parents to die so they can accumalate all the death money from the Insurance company in the west. And we Muslims as we all know should always wish for our lives to be prolonged for the Sake of Allah.
Problem 2.
With Whole(Cash Value) life Insurance, the Cash which the Insured Pays every month or Year accumilates with Interest, which is forbidden in Islam. Interest is forbidden in Islam as we all Know.
The Noble Qur'an - Al-Baqarah 275-281
275. Those who eat Ribâ (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitân (Satan) leading him to insanity. That is because they say: "Trading is only like Ribâ (usury)," whereas Allâh has permitted trading and forbidden Ribâ (usury). So whosoever receives an admonition from his Lord and stops eating Ribâ (usury) shall not be punished for the past; his case is for Allâh (to judge); but whoever returns [to Ribâ (usury)], such are the dwellers of the Fire - they will abide therein.
276. Allâh will destroy Ribâ (usury) and will give increase for Sadaqât (deeds of charity, alms, etc.) And Allâh likes not the disbelievers, sinners.
277. Truly those who believe, and do deeds of righteousness, and perform As-Salât (Iqâmat-as-Salât), and give Zakât, they will have their reward with their Lord. On them shall be no fear, nor shall they grieve.
278. O you who believe! Be afraid of Allâh and give up what remains (due to you) from Ribâ (usury) (from now onward), if you are (really) believers.
279. And if you do not do it, then take a notice of war from Allâh and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums).
280. And if the debtor is in a hard time (has no money), then grant him time till it is easy for him to repay, but if you remit it by way of charity, that is better for you if you did but know.
281. And be afraid of the Day when you shall be brought back to Allâh. Then every person shall be paid what he earned, and they shall not be dealt with unjustly.
The Noble Qur'an - Al-Imran 3:130
O you who believe! Eat not Ribâ (usury) doubled and multiplied, but fear Allâh that you may be successful.
Problem 3.
Term Insurance. In term insurance the transaction is only a one way street. Its protection for only a certain amount of years and "If" you die in those year then the money will be given "if" not then the money is not given. So All the money which you gave to insurance company is theres and you get noting. The "If" is a big problem because this is not an acceptable Business transaction.
And Of course from the Quran there should always be "transactions done based on mutual agreement between you"
And from the Sunnah: "When you sell (something), weigh it; And if you buy (something), have it weighed."
http://www.bakkah.net/articles/fiqh-business-transactions.htm
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Im not sure which company you work for but many Companies also offer different products all in the most part are similar.