My husband and I recently purchased a term life insurance policy. We're now insured to $1M (him) and $500K (me) should anything happen to either of us. As a newly married working couple with a substantial mortgage to pay, the policy gives us assurance that if something should happen to either of us, the other would have the funds to pay the mortgage. The policy premium will remain the same for the next 30 years... just in time for us to have paid off the mortgage.
Total cost? $1,230 per year, or a little over $100/month. After 30 years, my husband's annual premium jumps to a whopping $17,910.00 annually. But we won't need life insurance at that point, so the number is irrelevant.
If you're a young couple with a mortgage on your condo and you cannot get by on a single income, a life insurance policy is a good idea. The younger you are when you lock in a policy, the lower the annual premium.