Seems that both salnap and HelloFrom2012Versys650 came to their respective decisions on their own. That's important.
If you feel that you should stop riding (or won't be able to afford, or won't have time, or your priorities have changed too much etc.), by all means do so. Don't feel obligated to keep riding just because you've been doing it for years. On the other hand, if you feel you can ride and raise a child at the same time, I think it's healthier to continue riding. Having a hobby is proven to be great for your mental health, and I'd argue you can't be a good father if you're not a happy father.
The wife's concern is understandable, this is a risky and expensive hobby. But life is all about managing risks and expenses, not about avoiding them. If she's a reasonable person, I believe this comes down to discussing your strategy of staying safe. Various good arguments were suggested here, including a life insurance, ATGATTing, limiting riding on busy roads etc. But in the end, keep in mind that it's not unreasonable to be a motorcycle-riding dad. There's nothing wrong about it, as long as you're smart about it.
I don't have a family, my girlfriend is fine with me riding, but I want to stay alive for my own sake so this year I've got myself an airbag vest (in addition to all other gear). I'm also doing multiple advanced riding courses and track days each year. IMO money spent on gear and training is not lost, it's invested.
2015 Versys 650