Is the amount of life insurance from the insurance company considered an inheritance that must be divided among the heirs, or private property for the designated beneficiary?

Insurance is of two types: forbidden, which is commercial, and permissible, which is cooperative-takaful. All financial entitlements left by the father after his death are considered an inheritance for all his heirs. If the father bequeathed some of his money to one of his children to the exclusion of others, the will is invalid unless the heirs permit it, as the Prophet, peace and blessings be upon him, said: "Indeed, Allah Almighty has given every rightful person his right, so there is no will for an heir." A gift contingent upon death has the ruling of a will. Commercial insurance: The funds subscribed by the deceased must be withdrawn and divided among all heirs, and the remaining unlawful money must be disposed of by spending it on the interests of Muslims or giving it to the poor and needy. Cooperative-takaful insurance: There is no harm in it, and it is divided among all heirs, each according to their legally stipulated share, unless the remaining heirs permit the father's will for the sole benefit of the one the father designated as beneficiary.