I have it automatically through work – $50,000. It used to be $5000 and they upped it. So I told my father which nicer casket I want; I know he would cheap out otherwise. 
Before kid, 3X salary on each of us, wife and I.
After kid 10X salary on me, 5X on wife.
Kid is now 10, happily the same coverage is 5X salary for me.
By the time the 20 year term is up, kid should be grown, college paid for, and wife and I both close enough to retirement (late 50s) that future income would be an immaterial consideration.
It seems excessive to some but we live in a very high cost area, mortgages are huge in relation to incomes, as are property taxes. Wanted to have enough that wife wasn’t forced to work and struggle to raise kid if I copped it, have to move to a less desirable school district, etc. And to ensure that I could afford the best care for the kid if her mother wasn’t around.
Annual premiums are really low. Less than two days after tax income for me, less than one day for the wife. It’s worth the peace of mind to us.