If you are married with a child on the way, please consider a 20-25 year term insurance policy. More than likely, you will get some really good rates. When we bought a term insurance policy when our children were young we bought 15-year term policies, and we really didn't take into account college expenses. We just wanted enough coverage in order to pay the mortgage in case something happened. Now we have four children from elementary age through high school. The term insurance rates go up substantially once the term period ends, so we decided to discontinue one of our term policies and will probably discontinue the other one this coming year. My husband carries life insurance through work, so we do have that. Yes, and do take your net worth into consideration. You definitely want to think about how would a mortgage be paid, how would health care be paid, how would living expenses be paid, how would funeral costs be paid, and, of course, factor in your current net worth when calculating. etc. if something were to happen. There's a lot to consider.
What I'm trying to say is that time really goes by fast, and a 15-year policy will end just as they are possibly starting to think about college. It's much easier to get a longer-term policy now and cancel down the road if you need to versus trying to go and get another policy once the original term one has expired.