Skygirl,
The levels of insurance and other assistance varies greatly from company to company. IIRC, my old airline (ACA/IDE) provided $50,000 in Life insurance for flight crews. Above and beyond that we had to enroll in an ALPA sponsored insurance program, which covered the full range of possibilities (except suicide). It was relatively resonable.
In addition, the MEC for the our pilots union started a pilot mutual assistance fund, which collected a few dollars from each pilot paycheck (voluntarily). Monies from this fund were used at the discretion of the MEC to cover accidental deaths (fortunately we had none), major medical issues (supplemental income) and other misfortunes that might have fallen on our pilots.