We both have life insurance and TPD insurance through our super. Mine is only minimal - (given my income is extremely low, and I am a SAHM) It would be enough for DH to pay for childcare and before and after school care for about 3-5yrs. DH insurance is quite significant (him pretty much being the sole breadwinner); it would pay off all our debts, our childrens educations right through to uni and provide enough income for us to live on for at least the first year or two (while I figured out getting myself back into the workforce).

If something happened to DH and we didn't have life insurance, I would loose everything (house, car, everything) and be relying on charity from others to feed my kids and put a roof over our heads. I cann't risk that, so life and TPD insurance is an absolute necesscity.