We've got $1M on me and $500K on my wife. We were more on the Dave Ramsey plan when we set that up. I switched mine to a 10 year term when we moved more towards a MMM plan, but she never did change hers from the 30 year term we had originally.
It is actually a universal life policy structured as a term with little to no cash value. At the end of the 10 years, the benefit goes down rather than the premium going up - seems like we'll either be FI and cancel it entirely by 2024, or have amassed sufficient wealth that we won't have a need for such a ridiculous amount of life insurance, and the decreasing benefit will fit the bill there.