While I agree with Sharon, I also have to say that we do have a small policy for DS. I was able to get it through my former employer for, literally, $0.37/month - I doubt any insurer would be able to beat that. It was portable, so when I lost benefits after I became a SAHM, I could keep his coverage (and mine and DH's). I'm not sure if we could add the next child or if we can get a small policy through DH's employer or what. I would only get it if it is dirt-cheap, otherwise you do have to consider the cost vs benefit. For us, with the insurance being cheap and a small policy, it is enough to cover funeral expenses if God-forbid something should happen. I have a co-worker who lost 2 children in an accident and the small policy she had for each of them spared her family the great expense of the wake, funeral, etc. Scrambling for money during that time was the last thing she wanted to think about...
Just saw Kim's post and wanted to add this, too - I have another co-worker who has a daughter with a rare, but non-fatal disease. She has been deemed "uninsurable". The only policy she has or most likely will ever get is from the baby food company that also sells insurance
You have up until the baby turns 1 to make a decision about that policy.