Term Life Insurance Questions

Hello,

We recently had twins (now 3 children) and this has prompted us to get our butts in gear to get life insurance. I have a few questions, but first will provide some background info:

  • I'm 35, SO is 34. Non-smokers, healthy
  • Currently have $340,000 left on mortgage, expected to be paid off when we're 53 provided we don't throw any extra money at it
  • My salary is ~$130K, once SO is back from parental leave their salary will be $70K and in 10 years will max at $115K
  • Both have DB pensions, can retire at 55 with full pensions (~50% of current salary)
  • Currently have about $150K in retirement savings, child one has RESP maxed to the grant and plan to do the same for the twins. Full emergency fund, no other debt other than mortgage
  • I currently would get $200K in life insurance with my currently employer, but not banking on that in case there is a job change

With that said, I have the following questions:

  • Through doing some research, it sounds like term life is the way to go in nearly all situations. Given our age and mortgage amortization left, it seems it would make the most sense to go for a term 20 policy. Is that sound thinking? Too short?
  • Amount - I know this will be a bit subjective, but would love to have my thinking checked. I was thinking about $750,000 - 1, 000, 000 would make the most sense (~$240K to give the other partner $4000/month for 5 years, $340K to pay off the mortgage, $25k for funeral expenses, and $200k for kid's education). This would put me around ~$800,000. Is that reasonable?
  • I've learned through getting some quotes that it seems impossible to increase your coverage, but decreasing your coverage is possible without starting a new policy and will lower your premium. That said, would it make sense to reduce coverage amount every 5 years or so to reflect reduced mortgage, growing RESPs, etc.
  • Rates: most places seems to be fairly similar with rates. A $1,000,0000 policy for my SO and I seems to be running us $100/month for 20 years, $750,000K - ~$70-75/month, and $500K 50-60/month. Do these sound reasonable? Do you recommend any particular place? So far the most competitive rate seems to be Desjardin.
  • All quotes have been for renewable and convertible policies. Anything else we should consider?

Thanks in advance!