It has been covered before.
You certainly don't need it for your children.
What sort of risk category are you in?
Age?
Smoker?
Lifestyle in terms of spamspamspamspam and weight?
Existing medical condition?
Family history?
Most people rely on the public health system. And it's very good for complex jobs and emergencies.
The benefit of going private is that you will see a consultant and get treated quicker.
So you could save the cost of the insurance and pay to see the consultant yourself from your savings. And then either pay for the hospital privately or else, go on the public waiting list.
It used to be a fairly easy decision. Healthy non-smokers should not take it out until they hit 50.
But now it's different due to lifetime community rating. If you wait until you are 50, you will pay a lot more than someone who has been paying all along.
Brendan