We have life insurance and income protection. It is SO SO important and you definitely can't just rely on your super. I work in finance (lending) and see some really sad situationss everyday which could have been made a lot easier for those involved if they had protected themselves properly
Mine costs $65 a month and DH is $75 covered for a payout of $400k payout upon death and 75% of our income with a 4 week waiting period. You can get a 2 week waiting period but it costs a lot more. Also, there are two payment "types". One that may be cheaper to begin with but will increase every year OR one that's a bit more to start with but it stays the same/similar for the life of the policy which is a much better option in the long term if you start insuring yourselves young.
Another option is Loan repayment insurance. It can sometimes be cheaper but it will ONLY protect your loan (mtg or personal) and you can generally protect yourself in the event of death, disability and unemployment (or a combination). This can sometimess be a viable option if your biggest concern is how you would cover your mortgage.
It's all about protecting your assets/lifestyle in the event that you were unable to work