We have a small amount included in our super however we also have life insurance for us both. We are each covered for $500k - enough to pay off the mortgage completely and cover a few years of wages / increased childcare etc too. We pay about $200 a month. Although its expensive I don't mind paying it. I want my family protected should the worse happen

The cost really depends on the level of cover u want. Also shop around as costs vary quite a bit