We both do ($1.3m for each of us), and DH also has income protection insurance. Obviously with that kind of cover we pay pretty hefty premiums, but we wanted enough to pay off the mortgage and then have enough so that if it was DH who passed away, I wouldn't have to even consider going back to work, and if it was me then DH would either be able to stop work to look after the girls, or hire good professional help so he could continue working. If both of us pass away, then my parents will take the girls. They are getting on in years, so they will need to get help in, whether its domestic or child care related.