Depending on how good a coveraga you want, don't forget the option of "buying" you travel insurance for a trip or trips by taking out a credit card that has "ok" travel insurance after purchase of say $250/500 (perhaps per person) of travel costs.
With joining bonus points, you may also find this cost is offset or, even in profit, after the yearly fee cost.
Note that the ANZ Plat Card is currently free for the first year (= free travel insurance). S
o if this coverage suits you, it is a bargain.
Overseas travel and medical insurance Master Policy is underwritten by QBE Insurance (Australia) Limited, ABN 78 003 191 035, AFSL No. 239545. Terms, conditions, eligibility criteria, limits and exclusions apply. To activate cover under the overseas travel and medical insurance Master Policy, you must meet the eligibility criteria: you must be a permanent resident of Australia, have debited at least $250 worth of eligible overseas travel arrangements to your Platinum card account prior to departing Australia, have a current Platinum card account at the date of any claimable event, have a return ticket to Australia and be 80 years of age or under. Please refer to the ANZ Platinum Cards Insurance booklet (PDF 680kB)