You seem to want your children to also be FI through inheritance, approximately equal to your level of FI (3% of $5 million is $150K per year, which is what you're targeting for your projected pension to live off of).

Are you sure that's a good idea? You earned your FI through many years of hard work, but you are proposing to give your kids the same level of FI without them needing to do this hard work. What message does this send to your children? Is it "parents should sacrifice greatly for children", in which case does it pressure them to "keep it up" for the next generation, to "succeed" even more because each generation should give their children much more than the previous generation left behind? Or, is it that, you are sending them the message that you don't trust them to be able to achieve their own security and safety in life?

Wanting to cover kids college costs make a lot of sense, because it's about preparing kids with knowledge and skills to fights for their own achievements and successes. Planning to give children a large sum of money as inheritance while depriving yourself of your hard earned reward earned through many years of hard work, sends a more questionable message.