Al-jawab billahi at-taufeeq (the answer with Allah's guidance)
It will not be permissible. Also, the money that you made from selling the insurance is Haraam and must be given to those eligible for charity without any hope for reward.
Please refer to: http://www.muftisays.com/qa.php?viewpage=viewQA&question=3511
And Only Allah Ta'ala Knows Best.
Answer last updated on:
25th June 2008
Ulamaa ID 04