Here’s a concise guide to finding affordable life insurance in Sri Lanka, plus where to compare and who to check before you buy.

1. Cheapest types of cover (quick takeaway)

• Term (pure protection) policies are generally the most affordable way to buy substantial death cover because they don’t build cash value. For many people looking for low-cost protection, a level-term policy is the best starting point. (investopedia.com)

2. Practical low-cost options to consider

• Individual term life plans from commercial insurers (many Sri Lankan insurers offer renewable/level-term products and low‑cost variants). Examples of local insurers with term offerings include InLife, Continental and several large life companies. (islandnews.lk)
• Employer/group term plans — much cheaper per person than individual policies; check whether your employer offers group life. Sri Lanka Insurance and other insurers publish low-minimum group offerings (examples show very low monthly/day minimums). (srilankainsurance.com)
• Microinsurance / simple cover — some products and providers target low‑income customers with small, low‑premium life covers; ask insurers/brokers about microinsurance options. (lk.milliman.com)

3. Major insurers & comparison tools (where to start quotes)

• Large, established life insurers in Sri Lanka include Ceylinco Life, AIA Sri Lanka, Union Assurance, Allianz, Softlogic Life, Janashakthi and Sri Lanka Insurance. Start quotes with one or more of these firms. (cusapp01.ceylincolife.com)
• Use an insurance broker/comparison platform (e.g., InsureMe.lk) to get multiple quotes quickly so you can compare premium vs cover. (insureme.lk)

4. How to get the most affordable premium (practical tips)

• Buy term cover (not whole/permanent) if you only want protection. (investopedia.com)
• Choose the right sum assured and term (rule of thumb: many advisors suggest 8–15× your annual income depending on dependents and debts).
• Consider basic cover with essential riders (accidental death, TPD) only if needed — extra riders raise premiums.
• Stay non‑smoker / healthy and buy younger — premiums rise steeply with age and health risks.
• Compare level-term vs decreasing-term for mortgage-linked needs (decreasing term can be cheaper if coverage falls over time).
• Check group cover via employer or professional associations — often the cheapest route.

5. What to check before you buy (consumer safeguards)

• Check insurer licensing and solvency information with the Insurance Regulatory Commission of Sri Lanka (IRCSL). Keep regulator contact details handy for complaints. (insuranceombudsman.lk)
• Read exclusions, waiting periods (for suicide, pre-existing conditions), premium waiver terms, and whether medical exams are required.
• Ask about claims history / turnaround and whether the policy requires medical underwriting for your age/amount.

6. Documents & process (typical)

• You’ll normally need a completed proposal form, national ID (NIC or passport), proof of income/occupation, and medical reports if requested. Many insurers now allow online purchase and mobile apps for payments and policy servicing. (cusapp01.ceylincolife.com)

7. If you want a quick quote

• I can help estimate premiums for term cover if you tell me: your age, gender, smoker status, desired sum assured (LKR amount) and term (years). If you prefer, I can also point you to direct quote pages/apps for specific insurers.

If you’d like, tell me one of these (age, smoker/non‑smoker, desired cover and term) and I’ll fetch sample current quotes or point to the easiest providers to compare for those parameters.