If the company gives you interest free loan then it is lawful to take loan in this way. However, it seems by the question that it is necessary to avail life insurance in order to get loan from the company. If the case is so then it is not lawful to get insurance in order to receive the loan. Insurance is based on interest and gambling and both the things are haram as per the holy Quran. And it is also not lawful to go through haram practice for lawful purpose as well. However, if the company gives you loan by taking something as security then it may be followed.
Allah knows Best!
Darul Uloom Deoband