The short answer is yes. Not all countries have free healthcare services, and you may need to pay for treatment, so it is wise to remember to arrange travel insurance.
As well as medical expenses, travel insurance covers a range of events, including cancellation and lost luggage. Policies should also provide cover for any particularly ‘risky’ activities. For example, if you’re planning to jet-ski, scuba dive, or go white-water rafting, you should consider holiday insurance with watersports cover included.