You should also ensure you have a will in place and that it includes suitable guardianship arrangements in the event of both of you being killed. Or to put it another way, if you were both killed in a car crash this evening, who would you want to have the kids?. It happens
As part of this review, if you have a mortgage, ensure you have sufficient cover in place
Lastly check with work, some companies have very good Death in Service benefits that might mean one or both of you don't actually need live cover