Should a life insurance policy, for which EGP 5,0 has been paid, be canceled, knowing that canceling it will lead to the loss of this amount, or should one continue with it after hearing fatwas prohibiting it, despite the existence of previous fatwas permitting it?

Life insurance is forbidden in Sharia (definition). The questioner must cease this transaction and annul the contract, as it is a sin from which one must repent by abandoning the forbidden act. He may recover his money through available legitimate means if possible. If not possible, it is not permissible for him to avoid loss by continuing a forbidden operation. And whoever abandons something for the sake of Allah, Allah will compensate him with something better.