The approach I would use:
1) Figure out the needs for insurance util kids are out of your home (about age 23 for most people) -- a "rule of thumb" might be 50% x take home pay, if you need both incomes to make ends meet... or 10 years x $expenses/yr...
I would be surprised if you really need a full $1.1 Million in insurance (That is $80k/yr, on top of one spouse working!!!), especially as both of you are employed / employable right now, and as MMM's you likely have quite a bit of assets to offset this need.
2) Figure out insurance needs after kids are on their own --when you are 55 -- e.g., to pay capital gains taxes on property outside RRSPs, or to pay off taxes on the Cottage if not dual ownership, etc.
3) Subtract your current net worth that offsets the insurance need --
Are you self funded?
If not, then you need insurance. How?
Term -- covers you until kids are gone. Great for the bulk of your needs. Low Cost. Look for group term insurance for the lowest rates and insurance that does not end when/if you leave your job.
Term gets expensive after you are 45 years old, though, so you will likely want to reduce the amount every 5 years going forward to only what you really need, as you build other assets to self-fund your needs.
Permanent -- Useful for coverage to end of life, for a smaller amount..to pay off taxes or reduce mortgage. Also great for your husband as he will never have to worry about requalifying, which typically just becomes harder and harder to do at good rates. However, this should be the amount you anticipate needing after your kids are gone. So $100k may be about right. By essentially pre-paying for it over many years, starting now, you dont' have the super high fees that come once you hit 60 years old.
Permanent insurance also is nice, as you can borrow from the paid up portion of it, if needed, once it grows. (with interest though, but good for emergency risk offsets). This is not a reason to get it, but just know that it is not off limits until you die. Permanent Insurance doesn't make sense, though, if you don't think you will need insurance after you are 55 years old.