Travel insurance is insurance that is intended to cover financial, medical expenses and other losses incurred while traveling, either within one's own country, or internationally.
Travel insurance can usually be arranged at the time of booking of a trip to cover exactly the duration of that trip or a more extensive, continuous insurance can be purchased from (most often) travel agents, travel insurance companies or directly from travel suppliers such as cruiselines or tour operators.
Travel insurance often offers coverage for a variety of travelers. Student travel, business travel, leisure travel, adventure travel, cruise travel, and international travel are all various options that can be insured.
The most common risks that are covered by travel insurance are:

• Cancellation
• Curtailment
• Delayed departure
• Loss, theft or damage to personal possessions and money (including travel documents)
• Delayed baggage (and emergency replacement of essential items)
• Medical expenses
• Emergency evacuation/repatriation
• Overseas funeral expenses
• Accidental death, injury or disablement benefit
• Legal assistance
• Personal liability and rental car damage excess

Some travel policies will also provide cover for additional costs, although these vary widely between providers.
And in addition, often separate insurance can be purchased for specific costs such as:

• high risk sports
• travel to high risk countries
• pre-existing medical conditions

Travel insurance can also provide helpful services, often 24 hours a day, 7 days a week that can include concierge services and emergency travel assistance.

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Travel Insurance
www.TravelInsureGenie.com

Travel insurance, in my opinion, is an expense which is not necessary in most cases.

Most of the points that you mentioned are covered by any good health insurance.

There may be a very few cases where a travel insurance could be beneficial but in essence the majority doesn't need one.

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It is not smart to play it safe but it is safe to play it smart.

There is value in travel insurance for those who are seeking these benefits. Understand that some of these benefits may be covered by health insurance, your credit card company, your airline, or maybe some others. But most travellers have no idea what is covered and who covers it. This just puts it in one clean package for them.

If you have pre-existing medical conditions or are travelling to an unfamiliar, high risk country, then I could definitely see value in having the insurance.

Just always weigh the cost versus the risk. Understand that the insurance company makes money because most of these benefits are likely NOT to occur, but offers the protection to those who want to be sure they are covered. I'd also be concerned and would want to see the claims-paying history of the company providing the insurance. Some companies say they will cover these benefits and then deny your claim later because of some loophole. Research the insurance company heavily.

Yes, there are a few situations where it makes sense to purchase travel insurance but they are rare in my opinion.

People that don't know what is covered by there insurance are off to a bad start in the first place.

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It is not smart to play it safe but it is safe to play it smart.