Travel insurance is a fairly new financial tool that is designed as premium out-of-country coverage for you and your family (or just single coverage). It can be useful for peace of mind when traveling, whether it be a weekend getaway to Niagara Falls, NY, or a month in Fiji. Also supplements OHIP when journeying to Canadian destinations outside Ontario. Travel insurance is a great tool, and when used, can be money well spent. Ensuring that your journey will be a good one means you want travel insurance.
In particular, travelers that are going to be embarking on expensive trips (cruises, trips to foreign countries, etc.) should consider travel insurance to protect them in case something should go wrong: for example, if you get fun, what is just prior to your departure and can't go, travel insurance may reimburse you for otherwise non-refundable costs. As travel insurance is generally inexpensive, it's certainly worth it to shop around and get price quotes. And once you find the price that's right for you, you can travel without worry knowing you're protected.