Travel insurance is a must nowadays. Even when going to the most modern country, if you have a medical incident, you can easily find yourself in a private clinic with a hefty bill. Missed flights and baggage and even airline failures are all too common. Remember if you intend to take part in any out of the ordinary activities these need to be covered properly (that zip line is usually high risk)! If you have existing medical conditions, or on a waiting list, these need to be noted or else you can invalidate the policy in the event of a claim.  If you have any medical issues and you have not disclosed these at the time of application you won't be covered for them and possible for events that can be related to those conditions. Cancellation cover protects you from the time you buy the policy up to the travel date for unforeseen events that prevent you from travelling, so its best to get the insurance around the time you get the holiday booked.