This is a question I have been asked many times. Insurance is simply a method to provide in the event we die prematurely. The fact that we don't know exactly when we're going to die and may not have the economic resources saved to provide for our families is the justification for insurance.
Insurance is neither good nor bad, moral or immoral.
Insurance is a plan that can be used wisely as an asset to a Christian and to his family, or that can be used unwisely and can consume needed funds, rob God, and represent a lack of trust in God. Most of us today don't own businesses or farms as previous generations did. Therefore, insurance provides a reasonable alternative to storing inheritance in real property, provided you use it wisely and don't try to protect your family, but provide for them. Insurance is commonly misused today in that it is used either to protect against any imagined contingency or it is used to profit. If you have so much insurance that when you die your family is better off, then literally speaking, you are better off dead.