Travel insurance provides you peace of mind when you are out of the country against a small amount of premium. If you look at the benefits of travel insurance policy that include emergency medical evacuation, reimbursement for booked flights and hotels if you cancel the trip for a legitimate reason, reimbursement of stolen and lost goods, travel assistance and so much more.
Just a glance at the DOC (description of coverage) by your travel insurance provider will explain the many benefits of travel insurance. Of course, it is worth your money and time since you need someone to have your back when you are in at any place other than your home city/country. Especially when you are traveling with the family, having a backup plan in the form of travel insurance is a peace of mind as well as a necessity.