If we carefully analyze the concept of insurance we find similarities between gambling and insurance, such as:
Life insurance seems to be like a slot machine in which the policy holder has to plug in money umpteen times but the machine pays back just one.
Insurance schemes like pure endowment and term insurance closely resemble gambling because the policy holder will gain profit only if some specific incident happens, such as his death in case of term insurance and his continuing to live in case of pure endowment.
In case of life insurance the insured person dishes out some money every month till he is alive. When the insured person dies his heirs will get a huge amount. The insurance company’s loss is the insured man’s gain and vice-versa. If the insured person lives for long he will end up paying more than he gets from the insurance company. Such an insurance game does not contribute anything to the society, as such. Money is just transferred between the company and the policy holders who enter this monetary transaction voluntarily knowing well in advance that one of them will win and the other will lose. So this makes the game of insurance no better than gambling at a casino.
Keep Me In Your Prayers.