Both DP and I have life insurance. It will go to our DDs or each other in the event of our death. While you're young (30s) it is cheaper to take out and doesn't require medicals in the majority of cases.

We both started out with exactly the same level of insurance, but indexation means the benefit from mine goes up slightly more than his year on year. His premium is more expensive than mine, but not significantly so. TBH I'm surprised how cheap it was to take out annually, given the level of cover. It will well and truly cover the costs of raising our children if anything happens to both of us (in the manner we intended too, ie private high schools, etc, with enough so that their guardians could also provide the same education for their other children). If something happens to just one of us, it would provide financial peace of mind for the other (not to mention go a good way to paying out a mortgage). DP especially feels better about having it. Like even if something happens to him, he knows we'll be okay financially.

Life insurance was a much easier thing to organise than wills and guardianship!