Yes DH and I both have it. We have it through our superannuation fund and chances are you and your DH would also have a policy with your superannuation fund if you have one (They call it Death and Total and Permanent Disability Insurance). Most super funds automatically give you a default amount when you join unless you opt not to have it or opt for another amount. You can change your level of cover at anytime. Personally, I would highly recommend getting it through your super fund over an individual insurance company because generally speaking the premiums are much lower (a super fund is purchasing it on behalf of hundreds of thousands of members so they get it at a much lower rate iykwim) and they come out of your pre-tax superannuation contributions so you are using pre-tax money to purchase it and not paying it out of your pocket. Most funds also offer Income Protection insurance which covers you if you are unable to work for an extended period of time due to illness or injury.

DH and I both have our life insurance set at a level to pay off our mortgage, plus a little bit extra. Our income protection insurance is based on our incomes. I'm not sure exactly how much it costs, but from memory it is only $4 or $5 a month, so it isn't making a big dint in our super savings either. And, for the level of cover we have we would be paying possibly as much as ten times as much with one of the insurance companies. Most superannuation funds websites will have useful information which will give you things to think about when deciding how much cover you need, so it may be worth starting there to work out how much cover you guys need.

If you are talking to a financial planner about insurance, be sure to compare the different products out there and not just go with the one they suggest. Many financial planners accept commissions from insurance companies and superannuation funds so often their advice is biased iykwim. But if you see a 'fee for service' planner who doesn't accept commissions you can be more confident that the recommendations are based on what is the best option for you rather than who pays them the biggest commission. That said, in fairness to financial planners many aren't like this, but it is always good to be aware and ask if they take commissions and if they do I really recommend that you compare the products they are recommending, especially against what the industry superannuation funds offer.

HTH