Dear readres... Im submitting my question again with details, kindly answer with knowledge based information.

Q: I want to buy a Life Insurance Policy, but some of my friends stop me by this and told me that this is Haraam, I'm confused now and seeking answer that weather we should buy it or not.
When I asked an Insurance Company's representative, he answered that we do business on your money and give loss or profit (Money) to our customers on Musharika and Mudariba basis (Profit and Loss).We haven't any special thinking for profit but we just want to make our money safe, and we think that this is more safer than Bank, because in Bank you can put out your money any time you want but here the shape is changed and you can't put out till 3 years.
If someone says that this is not good because some time a man need it and he can't get then, for them I tell you that I insured myself with the amount I wasn't needed.


An early action will be appreciated...

Well first I will have to base this on insurance in the US, since I do not know where you are from. There are many types of life insurance, and most do not offer investments at all, There is one type whole life that does offer a guarantee interest, but that type of insurance is seldom used or recommended any longer in the US except for small children.

Most insurance companies offer and recommend to adults a term insurance that do not offer any investment or any interest what so ever.
There are a few hybird type policies that combine term insurance with investments and this sounds like what they are talking about. But normally you will still be better off just buying the term insurance and putting the difference in what you would pay into your own personal investment plans.

And again not sure where you are at, for the US money invested in the insurance is not guarnteed, and the money in the bank is much safer.