Well, I'm in the not a lot of savings in the bank group. Having said that, we've been renovating so any free cash we had lying around got mostly swallowed by that. In OZ we actually have the opposite interest rate picture to the USA (our rates have been rising consistently for a few years and *fingers crossed* they have just about topped out). My mortgage payments are a significant portion of my income and my wife does not work (well, nothing paid - she'd say looking after two small boys is work enough for a few people
).
We have planned to pay off (now the renos are basically done) significantly more than we need to, as anything going into the mortgage is reducing the principal + the loan has a re-draw facility so if you really *need* the money you can access it.
If I lost my job tomorrow? I have contingencies (i.e. people I would go to for help) and I would definitely take *any* job I could get...
If I died tomorrow or was incapacitated? I'm insured - the house would be fully paid off and there'd be a bit for my wife and boys left over.