Both have it here. DH via his super (which we need to lock in the payout amount before he turns 40, it drops drastically after that). I have mine seperate, as I was not working when we took it out.

Both policies pay out enough to pay out all debt and leave some left over. DH has some income protection via his super and I have accident/trauma coverage. That at least means if I have a stoke, get cancer (so long as it is not breast), then we get $100k to help cover my expenses and loss of income.

I know I have said this heaps before on this forum. My sisters last peice of advice before she died of breast cancer was to have life insurance over health. If you are sick enough, you get treated (something which we personally experienced when DH almost died). It is so important that the family left behind is not sent broke by the loss of a parent.