Disability Insurance and Islam
salam alikumJazakum allahy khayran. May allah give you strength and continue to benefit islam and muslims.My question is regarding disability insurance. Which was offered to me by a private bank upon my graduation from medical school. I would like to know if this type of insurance is permitted in islam. Basically, you select the amount of coverage you would like in the event of injury (which includes bodily harm and anything else which may permenantly or temporarily prevent you from working such as depression). The higher the amount insured, the higher is the monthly payment.There is no interest involved and hte contract is locked meaning that it is not changable over time with regards to coverage or monthly payments unless I would like to upgrade the amount.Is this type of insurance permitted in islam? I have about one month deadline to receive the locked offer so I would greatly appreciate if you could respond before then.Jazakum allahu khayran and salam alikum
