We have talked about this a fair bit as DH is the only wage earner. We settled on insuring him for 1x his annual income, and me for half his annual income. That was because it was the easiest/cheapest to do through his company, and the policy can be continued after he leaves the company so we will keep the policy long term.
The reason we were ok with the low amount for me is hat the kids are almost to school age, so he doesn't need to fund five plus years of daycare.
The reason we were ok with the low amount for him is that we have a decent chunk of money in retirement, one times his annual income would be enough for the kids and I to live bare bones for four years probably, and we also have family that would help us out if need be. Plus the kids would get SSI which alone would cover our expenses. So really, we would be fine for about ten years without touching the LI money or our retirement savings, and by that time I can certainly have gotten a well enough paying job to support myself.
I lean towards under insuring for catastrophic events, though, because hey are so unlikely to happen, and the insurance companies are the ones who are making out big. I don't even know what all those other insurances are, but from e trauma and income protection, I assume if you get hurt and can't work, it pays your wage. Do you have a physical job? If you have a desk job I don't see a huge value in that. And many employers offer STD and LTD insurance should something happen. I guess it comes down to whether your spouse can earn some income if needed, if you are out of work, and what you think the odds are at you will be out of work. For us, odds a re low DH will be out of work due to illness/injury, if he is std and ltd pick up some of the slack, and I can go get a job if need be to cover at least most of our expenses.