Travel Insurance can only be highly recommended. Medical costs are enough to ruin your holiday and quite a bit of your life thereafter if you’re not covered. A single doctor’s visit to your hotel to give you a shot for Bali Belly will cost you A$120.
Most decent travel insurance policies will ensure that you get a full refund on your return home. Some insurance is very good and not expensive although many travel agents' stock lines are to be avoided.
I have just taken out a 3-week policy with travelinsurancedirect.com.au/ at a cost of $90. It's money well spent!