We both have 10 years pay as a lump sum to go to the other in the event of one of our deaths assuming we still work at the company we do now. Own our own flat with no mortgage, but frantically saving/considering a loan to extend the living space next summer as we have a baby on the way and no where for her to go.

I might not be going back to work after maternity leave and/or be switching career to something I'll work less hours for the same pay, and I'll enjoy infinitely more, but won't have the same death in service benefits that I currently have.

We're both mid-20s so not planning on dying just yet but really don't know if we need to consider life insurance now we have a baby coming? What do you think?