The direct answer
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.
Build a comparison sheet you can actually use
Use the same household assumptions and requested cover amount for every quote. Keep the date and product version beside each one. If two options differ, ask for a comparable illustration before drawing a conclusion.
- Purpose: what financial problem does this policy address?
- Benefit: how much is payable, to whom and on which event?
- Cost: what must I pay now and could that payment change?
- Limits: when does protection start and stop?
- Conditions: what is excluded or subject to extra requirements?
- Flexibility: what happens after a missed payment or early exit?
- Evidence: where is each answer in the policy or illustration?
Separate protection from projected savings
For a policy with savings or investment features, place guaranteed amounts and non-guaranteed illustrations in separate columns. Ask which charges are included, how returns are calculated and what value is available if you stop early.
A projection calculator demonstrates mathematics under chosen assumptions. It is not a quote, a promise of performance or evidence that a particular policy will deliver the displayed amount.
Questions for the person advising you
IRCSL distinguishes insurers, agents and brokers. Clarify the role of the person you are speaking with and the companies or products they can offer. This helps you understand the scope of the conversation.
- Which insurer or intermediary do you represent?
- How are you paid for this recommendation?
- Why does this option fit the needs we discussed?
- What alternatives did we consider, including keeping my current cover?
- Can I have time to read the documents before deciding?
Compare two quotations side by side
Use your schedules, wording and benefit illustrations. Blank cells are questions to resolve, not equal benefits. This worksheet does not rank products or recommend a policy.
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| What to check | Quotation A | Quotation B |
|---|---|---|
| Policy and insurerWrite the insurer, product, version and date of the quotation. | ________________________ | ________________________ |
| Benefits and limitsCompare the same insured events, sums insured and sublimits. | ________________________ | ________________________ |
| Exclusions and waiting periodsRecord exceptions and when cover starts. | ________________________ | ________________________ |
| Premiums and payment termCheck affordability now, future changes and the full commitment. | ________________________ | ________________________ |
| Renewal and cover endRecord expiry ages, renewal conditions and any changes to benefits. | ________________________ | ________________________ |
| Guaranteed valuesSeparate contractual values from illustrated investment growth. | ________________________ | ________________________ |
| Leaving or missing a paymentAsk about grace periods, lapse, surrender and charges. | ________________________ | ________________________ |
| Claims and unresolved questionsNote the claim process and request written clarification. | ________________________ | ________________________ |
Related questions
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.
Sources & further reading
Official sources checked on 23 September 2026. Insurer pages describe that insurer’s products; the policy issued to you governs your cover.
- IRCSL: insurance and policyholder FAQs
Sri Lankan regulator: insurance roles, policyholder duties and beneficiaries.
- AIA Sri Lanka: Health Protector
An example of product-specific health benefits and conditions, not a comparison of the market.
These educational guides were prepared with AI assistance from the linked public sources. They have not been represented as personally reviewed by an insurer or regulator. Read the editorial approach.