Short answer — good choices and what to look for

• Top insurers to consider in Sri Lanka (well-known, large life books, active family/education products): Ceylinco Life, AIA Insurance (Sri Lanka), Sri Lanka Insurance (SLIC Life), HNB Assurance and Allianz Lanka. (ceylincolife.com)

Which types of life cover work best for families

• Term life (pure death benefit): cheapest way to replace a breadwinner’s income for a set period (e.g., until children are independent).
• Family income / income-replacement policies: pay a regular income to survivors instead of a single lump sum — useful if your family needs monthly cashflow.
• Endowment / education-saver plans: combine savings with life cover to fund children’s school/college (examples from Ceylinco: Degree Saver, Education Protector). (ceylincolife.com)
• Unit‑linked / investment‑linked (ULIP-type) plans and whole-life policies: for longer-term savings or lifelong cover; cost and flexibility vary by product/provider. (See Allianz’s Universal/Family Protector product for an example of flexible family-oriented plans and riders.) (allianz.lk)

Practical product examples from Sri Lankan insurers

• Ceylinco Life — education and child-focused plans (Degree Saver, Education Protector, Randaru) and add-on riders for hospital/critical illness. (ceylincolife.com)
• HNB Assurance — FamilyGuard / StudyGuard packages aimed at protecting children’s education and offshore workers’ families. (hnbassurance.com)
• Allianz Lanka — Universal Family Protector and Family Protector products with investment + death benefits and common riders (spouse/child cover, critical illness). (allianz.lk)
• AIA Sri Lanka — strong presence with family/health integrations and wellness add-ons (also offers health products to pair with life cover). (aialife.com.lk)

How much cover should a family buy?

• A simple rule-of-thumb used by many advisers is roughly 10–15× your annual income (or more if you have big future costs); another method is the DIME approach (Debt + Income replacement + Mortgage + Education). Use a calculator or adviser to tailor it. (britannica.com)

Riders and add-ons families commonly need

• Critical-illness / major-surgery benefit; waiver of premium on disability/death; spouse cover; child education cover; accidental death top-up; hospital cash — these are offered as riders by most major Sri Lankan insurers (examples: Ceylinco and Allianz list similar rider options). (ceylincolife.com)

Checklist to pick the best family plan

1. Decide objective: income replacement, pay mortgage, fund children’s education, or a mix.
2. Choose term length to cover until children are independent / mortgage cleared.
3. Get at least 10–15× annual income as a starting estimate; add amounts for mortgage, debt, and education. (britannica.com)
4. Compare premiums and exclusions for the same cover amount across 3–4 insurers.
5. Check riders and whether critical illness / disability are included or available as add‑ons. (ceylincolife.com)
6. Confirm insurer licensing and complaint/claim record with the Insurance Regulatory Commission of Sri Lanka (IRCSL) before buying. (insuranceombudsman.lk)

Next steps (quick, practical)

• Get quotes from 3–5 insurers above (or from a licensed broker) and compare: sum assured, term, premium, exclusions, waiting periods and riders. Consider AIA / Ceylinco / SLIC / HNB / Allianz as starting points. (ceylincolife.com)
• Verify the company and the agent/broker are registered with IRCSL. (insuranceombudsman.lk)

If you want, I can

• prepare a short comparison template you can use when you request quotes (cover amount, term, premium, riders, exclusions) — or
• estimate a target sum-assured if you tell me: monthly household income, outstanding mortgage/debt, ages of children, and how many years you want income replaced.

Would you like the comparison template or a quick target-cover estimate now?