I took out life insurance for myself and my child when my first child was born and another policy for the second child when born. Their dad got a policy as well when he moved in with us. The children's policies pay out to each other and ours pay out to the children split equally. The children's plans roll over to fund post-secondary education when the time comes or they can choose to continue payments and maintain the policy.
I believe for children it's 100K each, roughly $28/month for female and $25 for male. For the adults I believe it's 150K each, roughly $38/month for female and $32/month for male.
As for benefits for medical/dental, we both have fairly good coverage through our workplaces that it hasn't become an issue yet but I would probably want private insurance coverage if we weren't covered already.
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