Understanding and explanation of Life Insurance in Islam

Is it permissible to take out life insurance in Islam? Is there any evidence (daleel) or scholar's verdict relating to this question? 

Under common interpretations of Islamic law, conventional insurance is forbidden in Islam. Scholars such as Shaykh Ibn Baaz (may Allaah have mercy on him) criticise the system of conventional insurance as putting one’s money at undue risk to being lost and involving usury/interest.

The Three Fundamental Principles

The Three Fundamental Principles (Thalâthatu ‘l-Usûl) of the Imaam and Mujaddid Muhammad bin 'Abdil-Wahhaab [Died 1206H] -may Allaah have mercy on him- is an important book which every Muslim should read and understand. 

The book deals with the three questions asked in the grave: Who is your Lord? What is your dîn? Who is your Prophet? 

Are We Forced or do we have Free Will?

Shaikh Saleh al-Fawzan writes in Mujmal Aqeedah as-Salaf,

"Many groups have been misled in their understanding of
Qadar (Predestination/Divine Decree). From them are the Jahmiyah and the Jabriyah who claim that the slave is forced in his actions and he has no control, ability or will. He is like a feather or a leaf which is blown by the wind.