Yes my husband and I both have life insurance. We took it out when we bought our house. It is for about triple our annual salary. It is worth it for us because it is so expensive to live where we do these days, it provides me and my husband peace of mind that if one of us passes, the house will be paid off immediately - so no more big mortgage payments for the person left behind and there will be a pot of money available left over to put towards the kid's future.
We are looking at getting a will done up as well before baby arrives too.