Mortgage reduction strategies exist to reduce the life of the debt but should not be seen in isolation to leveraging the equity you have built in your home. Equity can be released for investment purposes, the interest on this portion of your mortgage is tax deductible.
Reduction of non deductible debt such as home mortgage should always be a priority.
Depending on cash flow and your risk profile, consider long term investment in a managed fund or direct share portfolio using regular contributions. If income allows, use combination of regular contribution and margin loan to leverage the investment. If investment property is more attractive to you than shares, research areas that provide good a good rental pool i.e. near schools, transport, shopping and facilities.
People insure their cars, contents and homes, you need to insure your income as it will impact you and your family if you lose it due to illness or accident. If your work Superannuation offers income protection lasting 2 years, consider an additional policy where the benefit starts after 2 years, the premiums will be lower and the benefit can last to age 65.
Life insurance is not expensive and can be used to pay off debt and provide an income for your family.