If you are already completely FI, then great, no need to insure, you are self-insured. Until that point, I highly recommend you have it, on both parents. It's really easy to think of it as wasted money because life is good and easy right now. That's not what insurance is for, it's for when life turns crappy. You're both young and healthy right now, but nobody who ever got a life threatening illness, or a sudden death for that matter, saw it coming.
Let's say you got some form of debilitating cancer. You can't work, you lose your job. You spend all your money fighting it and maybe more, and then die. How does that leave your family? Is that really how you'd want to leave them?
I'm not recommending everybody take a OMG the sky is falling attitude all the time, but precisely when you are young and healthy is when term life insurance is cheap and easy to afford. I bought a policy for my wife who stays at home with our two boys with $500K coverage starting in 2003, 20 year term, we pay $245 per year for it. I started with life insurance on myself back in 1999 when we had our first child, but in 2003 re-shopped and got a 20 year term with $1.5 million in coverage, annual premium is $537.50. We were in our early 30s at the time, if you are in your 20s and healthy it will probably be even cheaper.
I consider this a great value, and this was also based on a very anti-Mustachian path at that time. High income, but also high spending. We still have a big mortgage that I would want to be able to pay off if my wife or I died. If I died I would want my wife to have the choice to continue to stay home--or to have the money to go to grad school and pursue the career of her choice, either now or when the kids are grown and on their own. If my wife died I would want to at least be able to hire help to take care of the kids, but more likely I'd want to either retire or get a much less demanding job so that I could spend a lot more time at home.
When we reach what we consider FI then sure I'd drop the insurance, I certainly hope we'll be there by 2023 when these policies run out. Until then I consider them a must-have.
For the same reason, if you can get affordable long term disability insurance through your company, GET IT. You might think bah we are young and healthy, what are the chances one of use would ever be disabled? According to the US Census Bureau, the answer is 1 in 5. ONE IN FIVE. Much higher than the chance you would die prematurely. Think about how your life would change if you were crippled in a car accident or had a stroke or something and your wife had to care for you, and the kid. Then think about what a difference it would make if your salary continued instead of being cut off. I carry LTD coverage through my workplace and I pay extra to make it full salary replacement instead of just partial. Admittedly I think LTD is not very affordable if you can't get it through work, but even in that case I'd at least shop around and consider it.
I'm not an insurance salesman, never have been, never will be, and I think things like Whole Life and Universal Life and almost all insurance company Annuities are complete ripoffs, and many financial advisors and insurance agents who sell them I would consider not very different than scam artists. I think term life insurance and (affordable) long term disability are worth every penny to me.