In my opinion, travel insurance is a necessity and well worth the purchase money. I personally have had to cancel and/or reschedule several cruise vacations due to health issues, work issues, etc. These trips had already been paid for in full. If I hadn't had purchased travel insurance for these trips, I would have been out considerable amounts of money. Travel insurance also comes in very handy when your trip is in progress and something such as a medical emergency requires an interruption of your vacation.