Short answer

• For most Sri Lankan families the best approach is a mix: a low‑cost term-life plan for income replacement + critical-illness and disability riders + a child‑education or savings plan if you want long‑term accumulation.
• Top life insurers to consider (market leaders with strong recent recognition): Ceylinco Life, AIA Sri Lanka, Softlogic Life, HNB/Union/State insurers — get quotes from several and compare. (ceylincolife.com)

What “best” means for a family

• Protection: enough death cover to replace income and pay debts (mortgage, loans). For most families target 8–15× annual income as a starting point.
• Liquidity: quick claim settlement, clear exclusions and short waiting periods.
• Affordability: level term plans are cheapest for pure protection.
• Flexibility: riders (spouse cover, child education, critical illness, total permanent disability) and indexing options to keep cover real over time.
• Financial strength and regulator metrics (RBC/solvency, claim ratios) — prefer insurers with strong capitalization and good public claim performance. (ceylincolife.com)

Top insurers and why to shortlist them (examples you should check)

• Ceylinco Life — long‑time market leader in Sri Lanka, large premium base and high reported capital adequacy. Good range of family/education products. (ceylincolife.com)
• AIA Sri Lanka — part of the AIA Group, often recognised for product range, wellness-linked propositions and strong capitalization metrics. Good for protection + health/wellness add‑ons. (aialife.com.lk)
• Softlogic Life, HNB Assurance, Union Assurance, Sri Lanka Insurance (state market leader in general insurance) — all offer family/child education packages, riders and local distribution; worth comparing quotes and product terms. (softlogiclife.lk)

Concrete buying steps (fast checklist)

1. Calculate needs: outstanding liabilities + 10–15 years of income replacement (or use an online needs calculator).
2. Decide product mix: term life for core cover; add critical‑illness/disability riders; separate child education/savings policy if desired.
3. Shortlist 3–5 insurers (include at least one large local and one international-backed company). Use the regulator’s listings to confirm licensing. (insuranceombudsman.lk)
4. Ask for written quotes with identical cover amounts, term lengths and rider options so premiums are comparable.
5. Compare: premium, exclusions, waiting periods (suicide, pre‑existing conditions), claim documentation and turnaround time, grace period, portability, and surrender/paid‑up terms.
6. Check financial/claim performance: look for recent RBC/solvency figures or industry awards/press about claim settlement. Prefer carriers with stable capital adequacy and transparent reporting. (ceylincolife.com)
7. Buy during good health (medical exams may be required) and keep beneficiary details current.

Where to get reliable information and quotes

• Company websites and product brochures (for detailed exclusions and rider definitions). Examples: Ceylinco Life, AIA Sri Lanka, Softlogic Life. (ceylincolife.com)
• Insurance Regulatory Commission of Sri Lanka (licensing, industry statistics and official guidance). Confirm a company’s licensing and recent industry data there. (insuranceombudsman.lk)
• Independent brokers or comparison agents in Sri Lanka — they can produce like‑for‑like quotes and explain local tax/treatment.

Red flags to avoid

• Poorly capitalised insurers or ones with public news of delays in claim payments. (Fitch/industry coverage notes regulatory transparency concerns; prefer insurers with comfortable RBCs and clean claim histories.) (Adaderana.lk)
• Vague policy language on exclusions, long waiting periods for pre‑existing conditions, or excessive surrender penalties.

If you want, I can

• compare 3 specific products (term + child education + critical-illness rider) from named Sri Lanka insurers and show premiums and key exclusions (I’ll pull current brochures and quotes), or
• run a needs calculation if you give family income, debts, ages and target horizon.

Would you like me to prepare sample quotes/comparisons (I’ll fetch current product details and citations)?