We have it, most definitely! If anything happened to either of us, we need to be covered. I can't in good conscience leave my family to bring DD up on nothing either. We have life for both of us, which will pay off the mortgage & give an income for 5 years (long enough to get DD to school) if either carks it & income protection for DH. I'm a SAHM so no income to protect! If we both carked it, then DD would be able to be brought up by my family comfortably & then have a next egg.

Also I might point out that if you are thinking about life insurance, think about getting your wills sorted out & powers of attorney at the same time.