I'm a big believer in insurance. You may think $100,000 is enough (and it coudl be), but if you work, remember that your husband would lose your income while all the bills stay the same. Can he afford the mortgage just on his income? Car payment? Utilities and groceries?
Plus he'd have to keep working himself and, unless your kids were in highschool at the time of your death, he'd most likely have to get some sort of child care for when they are home and he's at work. Not just before and after school, but school breaks and summer vacations. Can he cook and clean? Even if he can, if he's working full time with no help at home, he may have to hire a cleaning service and/or get a lot of take out or more expensive convienance foods.
Depending on your current spending and income, your husband could go through the $100,000 in two years. And maybe that's all you feel you need, that's fine too! Just make sure you have the whole picture
But another thing to consider is that the worst possible senario for a family is not one of the spouses dieing. It's one of them becoming disabled, not being able to work, and maybe even needing nursing care on top of whatever medical bills there were from the disability to begin with. If you're disabled, you don't collect the life insurance, but have many of the same problems as if you had died (loss of income, primarily) Do you both have short and long term disability insurance? The fact is that otherwise healthy adults are more likely to become disabled than die young.
Sorry to be such a bummer, but sit down and really look at the effect of your dieing will have, then look at the effect of one of you becoming disabled. Then decide if you need more insurance.
As for college savings, no advice there, I don't have kids yet!
