We have $350k on me. And have for awhile.
My husband works weird hours (and weekends included) so just "daycare" doesn't cut it. He'd basically need a live-in nanny.
Of course, now our kids are getting a little older. They still can't drive or anything, though, so even though they could get to and from school (the bus), they'd need someone to make sure they get to all their "stuff" (karate classes, volleyball practices/games, orthodontist appts, allergy shot appts, the dog has regular bloodwork at the vet)... and they'd need someone to take them. My husband is not home during the times this goes on. On the RARE occasion he is available, it is only the pick-up at the end part... not getting them there, too. And he has almost an hour commute from home to work--one way.
So... live-in nanny for a few years, funeral expenses, etc. We could probably drop it down to less than we've had, since we wouldn't need as many years of a nanny as we did initially, but the policy is cheap. I don't think it is even $200 annually.
btw, our oldest is 14, so we don't use baby sitters anymore either. We'd only need a nanny for maybe 3 years... and the balance after that would probably pay off the house.
ETA after your SWH: You don't need as much as your husband, because you aren't earning any income that has to be replaced. He would only need an amount to cover the cost of replacing what you DO (a nanny, daycare, maid, etc). IF he were to die, you would have NO income to live off of. Presumably, he would retain his job if you were to die, so the income level would remain the same. Just the expenses would change. That is what you have to look at. Also, when planning for his insurance coverage, you want to plan how to proceed--will it cover the expense of you going to school full time and then going to work? do you plan to just live off of it and not go to work? Ever? or only until the kids are in school? kids grown? Cover college expenses?
See--whatever you are planning financially will not change if you die. Husband's job is already planned to be used to pay for those things, right? But, his expenses will increase to cover daycare/nanny/maid services that you do not pay for now. If your husband were to predecease you, then you have to come up with finances to pay for everything--replace his income for X number of years into the future... Personally, with a 2 month old, I would probably want a bit more than $200k on myself. Nanny's are expensive, and term life insurance is cheap in comparison.