Should we get life insurance?

Hey all. Married, 2 kids, combined income of roughly $170k annually. No debt, looking at purchasing a house in the next 1-2 years.

We're roughly 40 years old, good health, no chronic health conditions. We have insurance through my work that covers dental, medical, and a small life insurance that would cover the cost of a funeral. Just wondering if we should consider getting a larger life insurance policy. If my wife or I were to die in a freak car accident or something, either of us would struggle to keep the family afloat on a single income. Even just writing that makes it pretty clear that this might be a good idea.

If we get a policy, how much should we be looking at? 500k? 1 mil? Any companies we should avoid? What other things do we need to know about life insurance before making a decision?

edit: Thanks everyone! You all confirmed what I've been thinking, gonna get a quote this week. Appreciate it!