I think you need to have your wife set for a comfortable life before you jump. If you die, do you have plenty of savings set aside to support your wife and child? The experts say 6 months worth is what everyone needs.
6 months is what you need to survive an injury or job loss after which you'll be earning about the same sort of money which is unlikely to be the case when one member of a couple dies (if you were a dual income couple before you aren't now and with one wage earner the other doesn't have enough recent experience to command top dollar even with the same skill set and salary history).
To support a non-working spouse indefinitely at the same standard of living you need 20-25X your present income of which about 4% can be spent each year without depleting the principal.
Obviously doing the arithmetic for your personal situation and purchasing enough life insurance to yield the required amount would be prudent. Don't forget that kids these days often do not earn enough after graduating from college to support a middle-class lifestyle and you may still be helping yours financially when he's 30.
While deaths are fairly rare skydiving is not safe. Statistically speaking you have a 1 in 50 chance of not living to see a 2 year old's college graduation (assuming you don't get killed in a skydiving related plane crash which is a separate issue).
(This post was edited by DrewEckhardt on Nov 12, 2012, 11:53 AM)