It really depends on your goals and what you are insuring against. There are two scenarios you are potentially providing for - one of you passes away or both of you pass away at the same time. You have to decide what you are comfortable with in each case.
First, fire up ssa.gov and find out what your survivor benefits would be in each situation. For us, SS survivor benefits are our primary life insurance - they cover most of our needs.
Second, decide what your goals are if one or both of you pass away. Some people say "have enough to pay off the mortgage and pay for college", some people say "give the surviving spouse a few years runway to figure things out", some people say "make the surviving spouse FI". It's a personal choice, but being clear on your goals helps you figure out what your needs are.
Third, figure out when you'd consider yourself "self-insured". For most people this is FI or close to it. Once you don't have to work for income, you don't need life insurance anymore.
Then, taking into account your goals, you can figure out how much additional term life insurance you need. It is probably less than you think you need. I think the max I'd go for in your situation is $1M and that's probably overinsured.
Finally, look at all the provisions on your potential policy. Ours allows us to drop the face value once during the term for a reduced premium. We recently took advantage of this as we are nearing self insured and need less life insurance. Others allow a payout in case of permanent disability or terminal illness - that could also be helpful depending on the scenario.
Term is cheap (especially when you are young and healthy), but I'd be wary of overinsuring because you just don't need it.