The only reason you would need life insurance is if there are people dependent on your income and/or to pay for your funeral. Any debt you have personally would not need to be paid back if you died. It dies with you.
If you died and your wife relies on your income to pay joint debts, mortgage, etc, then yes you'd want to leave her something for that. It sounds like she works and wouldn't be left with expenses she can't cover (?). However, you probably wouldn't want to leave her with the burden of paying for your funeral (I hear numbers like $10k - maybe you can self insure here, but something to keep in mind).
If you have kids, yes, you'll want term life insurance that expires before/after college, depending on when you would plan for them to be supporting themselves.
If you plan to have kids, doesn't hurt to get the life insurance now when you are young and healthy. It really shouldn't cost much, but it will be more expensive as you age.
It seems like a lot of employers pay out one year's income to your beneficiary if you die. May want to check with your HR department. They may also offer low cost life insurance.
