Opinions will vary but here is my take on life insurance. My opinion is probably more conservative than most on this forum. Calculations should be based upon projected expenses, not income. My wife is a SAHM and her income earning potential is much lower than mine. So, I insure myself, such that if I died, she could be a SAHM and FI permanently. So my policies are such that she would reach 25x expenses immediately. I also factor in 2 fully paid in-state college tuitions. I also have a couple of policies with staggered terms, such that as we get closer to FI we can drop policies. In fact I called yesterday to cancel one of them. My wife is insured such that I could be a full time SAHD until the kids reach high school/college age, then I would return to work.
In your case, with my strategy, the max policy would be (30,000 x 25) - (115,000-26,000) = 661,000. This would be an immediate FI number. Factoring in social security survivor benefits (if you have kids) and the number would be reduced. College tuition would raise it. I would also consider each of your earning potentials and whether you want permanent FI or just the ability to stay at home while the kids are in their formidable years. If you are FI in 8-10 yrs then you would only need a 10yr term. At 28 yrs old, non-smoker, in good health, your rates would be really low. Family history affects your rating significantly also. Get the policies before you turn 30, otherwise you will be bumped up to a different rate group. Also if you get a policy on your wife, do it before she gets pregnant. She will not be able to be underwritten, while she is pregnant.
Ultimately, I would decide the scenarios and conditions that would be most comfortable for you and your wife should the unfortunate happen, trading off the monthly expense, and run the numbers based upon that.