For a number of years, I have purchased an annual policy with LIfe Guard, simply covering emergency medical primarily, "business travelers insurance". Cost $518 for two of us. Considered that adequate.
Now with Covid and since now traveling with a family member who has cancer, I have decided I need to carry cancel for any reason and cover both medical and trip costs. In this case, if my family member had a health emergency prior to a trip, I might end up needing to cancel to be here.
Sharing this because what one carries depends on what their situation is and what they may need to cover.