Have you been advised to get critical illness insurance? It may have been suggested by a friend or financial advisor, and now you're wondering if it really is worth the money. Everyone wants to keep their monthly outgoings down, but there are certain areas not to scrimp. Is critical illness insurance something you should consider? Here are factors to think about to help you decide.

Are You Self Employed?

If something happens to you that means you can't work, what are you going to do? When you're self employed, you're relying on remaining fit and healthy to support yourself and your family. If you can't do that because of an illness and you didn't have critical illness insurance, you run the risk of financial ruin. By having a policy, you can get a payout that covers medical expenses, mortgage payments and any other outgoings you have.

Why is it so important when you're self employed? Employed personnel may have policies through work or may be able to get other critical illness benefits. If you don't, then you should consider critical illness insurance, too.

What's the Waiting List Like in Your Area?

Look into the waiting lists for your local area for most common medical needs. This is especially the case when it comes to diseases like cancer or conditions like kidney failure. The waiting list in your area may be so long that the problem could grow significantly worse and your chance of recovery would drop.

You may be able to have treatments elsewhere, but it could cost too much. Your critical illness insurance may pay out for something like this, so you don't have to play a game of chance with your life.

Does It Cover All Conditions?

An insurance policy that barely covers any conditions isn't worthwhile. You want something that doesn't have too many restrictions, because you really don't know the future.

For example, some policies won't just cover heart attacks. The insurance company may require you go through lots of extra testing that may be missed by doctors and then refuse your claim. Keep in mind that a previous illness or previously undiagnosed condition that you potentially knew about could also be grounds for the insurer not paying out.

Do You Have Pre-Existing Conditions?

Insurance companies aren't usually going to pay out for pre-existing conditions. Anything that they can link to a pre-existing condition is also going to be included in barred conditions for a payout. Getting critical illness insurance isn't necessarily worthwhile if you have pre-existing conditions that won't be covered.

Consider your current situation and health. What will happen if you do get ill? Would your family manage financially? Critical illness insurance could be one of the best financial decisions you could ever make.