Life insurance is a good idea for your children because the child life insurance policy will ensure that your child is insurable into adulthood. 

For Example:

A child is added to a $20,000 term rider on their parents life insurance policy, along with all their other siblings, all for one low price. The child is found to have a congenital heart condition, corrected by surgery, but the diagnosis follows them. At age 21, the now young adult is able to convert their $20,000 to $1...