Insure yourself for as high an amount as a) you feel sensible and b) you can afford now whilst you are fit and healthy.
As also suggested each get your own policies – it doesn’t work out too much more expensive than joint life cover. Seriously consider critical illness also.
Reasons
1/ it will be cheap now
2/ If (as happened to me) you suffer a serious illness trying to increase your cover later will be either very expensive or just not possible at all.
3/ If you go your own separate ways you are still covered (see 2 above)
4/ Inflation does nasty things to what seems like a lot of money now (bear in mind 25 year terms are not uncommon)
5/ DISCLOSE EVERYTHING – If you smoke or have done in the last 12 months tell them when asked. If you have had a medical investigations, tell them. You won’t be around to sort out the mess if the insurance co starts asking questions when a pay out is needed (they are generally pretty good but if they sense an opportunity not to pay they will take it).
Cheers
Danny B