Start with a question
Insurance,
in plain language.
Short answers to practical insurance and planning questions in Sri Lanka. Product conditions differ, so use these answers to prepare your questions and check the actual policy.
Family protection
How much life insurance should I consider?
Start with the financial gap your family would face without your income: ongoing expenses, outstanding debts and important future costs, less money and existing cover available for those needs. There is no single right amount for every household. The premium must also remain affordable.
How much does life insurance cost in Sri Lanka?
There is no single price. Ask for a quote for your age, requested benefits, cover amount and term, with any health or occupation assessment the insurer requires. Compare the same benefits across quotes and ask whether premiums can change.
Is life insurance the same as health insurance?
No. Life cover generally addresses the financial consequences of death; health benefits address specified medical costs or events. A policy may combine them, so check the benefit amounts and conditions separately.
What is a beneficiary in a life insurance policy?
A beneficiary is the person named to receive the proceeds when the insured person dies, subject to the policy and applicable rules. Ask the insurer how to record or update the nomination and how to handle a minor beneficiary.
Is employer life cover enough?
It may cover part of your need. Check the benefit amount, who is covered and whether protection ends when employment ends. Include only confirmed benefits in your household calculation.
Should a parent without paid employment consider cover?
Consider what replacing childcare, household work or other care would cost. The need for cover depends on those responsibilities and the resources already available.
Healthcare
How should I compare health insurance?
Compare what the policy pays for, its annual and treatment limits, waiting periods, exclusions, hospital access and your share of each bill. Premium alone cannot show whether the cover fits your needs. Ask for the policy wording and written answers about conditions relevant to you.
What is an insurance waiting period?
It is a stated period before a particular benefit becomes available. The duration, starting point and exceptions depend on the benefit and policy. Ask whether reinstating a lapsed policy starts a new waiting period; do not assume a single period applies to all cover.
Will I need a medical examination to apply?
Ask the insurer what is required for your application. Medical questions, records or an examination may be requested depending on the cover and assessment. Answer accurately even if no examination is requested.
Does cashless treatment mean every hospital expense is covered?
No. Cashless arrangements concern how eligible bills are settled. Policy limits, exclusions, approval requirements and any amount payable by you still matter.
Are pre-existing conditions automatically covered?
Do not assume so. Disclose the information requested and obtain the insurer’s written decision about your circumstances and any special terms before buying.
Before you decide
Which insurance policy is best?
The best fit depends on the risk you need to cover, the benefit you need and the payment you can sustain. Compare written policy terms against those needs. There is no universal best policy, and a low premium or a large illustrated maturity value is not enough to choose one.
What happens if I miss an insurance premium?
Check your policy’s grace period and contact the insurer promptly. Cover may be affected if payment remains overdue. Ask about any lapse, reinstatement conditions and whether benefits or waiting periods change before assuming you remain protected.
Can I change my mind after receiving a new policy?
Check the cancellation or cooling-off terms immediately, including when the period starts and what deductions may apply. Ask the insurer for the deadline and procedure in writing. Do not assume every policy has identical terms.
Should I cancel my existing policy before buying another?
First compare the existing terms with the proposed replacement and ask about acceptance, cover start dates, new conditions and the cost of leaving. Avoid creating a gap while a new application is still being assessed.
Can I compare policies using brochures alone?
Brochures help you shortlist questions. Use the actual policy wording, schedule, special terms and benefit illustration to check what the contract would provide.
When you need support
How do I start an insurance claim?
Contact the insurer through its official claims channel, quote the policy number and explain the event. Ask for the checklist and deadlines for that benefit. Submit the requested documents, keep copies and obtain a reference number. The insurer assesses the claim against the policy terms.
How long will my insurance claim take?
There is no single timeline for every claim. Ask the insurer for the timeframe for your claim type and whether all required documents have been received. Keep a record of follow-up dates.
Can I send medical documents through this website?
Please use your insurer’s official secure channel for medical records, identity documents and claim evidence. The consultation form is for a brief general enquiry.
Education
How do I start planning for my child’s education?
Write down when the money will be needed, what it needs to cover and the likely currency. Compare that goal with money already set aside and a sustainable monthly contribution. Consider separately how the goal would be funded if the parent providing income could no longer do so.
Is an education insurance plan my only option?
No. It is one possible way to combine savings and protection. Compare it with other suitable ways to fund the goal, considering access, risk, costs and the protection your family needs.
Can an illustrated maturity value be treated as guaranteed?
Only amounts explicitly guaranteed in the contract should be treated as guaranteed. Ask the insurer to identify those amounts separately from projections or discretionary additions.
Retirement
How much should I save for retirement?
Start with the spending you expect to support and the resources you expect to have. The difference is the gap to investigate. Your retirement date, how long the money may need to last, inflation, healthcare costs and investment risk all affect the amount; a single savings target cannot fit everyone.
Is a retirement illustration a guaranteed income?
No. A calculation shows an outcome under assumptions. Any guaranteed benefit must be identified in the actual contract, including its conditions and payment dates.
When should I review my retirement plan?
Review it when income, expenses, family responsibilities or retirement timing change, and periodically as your statements and costs change. Keep a record of the assumptions behind each revision.