answered 2 years ago
First of all, congratulations to you both. As far as life insurance is concerned, you should consider this straight away, particularly if you are the main wage earner. In the first instance, you need to make sure that she, and your new child, will have enough to live on should you die- and if you have a mortgage then consider insurance to repay that should you die. There are probably, therefore, two main insurance needs: to repay any debts, and to provide income. These needs will be best met by separate policies, tailored to your situation.
When your child is born then there may be an additional need for insurance to cover any childcare costs should your wife die, and perhaps to replace her income.
It is important to get any proposed insurance in place earlier rather than later, because it is always possible that health issues could crop up that might prevent you being insured, or might significantly increase the cost. There are many kinds of insurance, and your actual level of need will depend upon such things as any life cover provided by an employer, as well as your overall circumstances. Do make sure that you exactly understand your need so that you make correct decisions - otherwise you may pay for insurance that really is not necessary, or you might have insufficient cover.
Individual advice will be helpful to you. Having gone into your situation fully an adviser might recommend insuring both of you straight away - certainly don't just buy something 'off the shelf' at your local supermarket!