Insuring your Children
As part of a comprehensive benefits package, many employers offer life insurance coverage for the employee's spouse and/or children. Typically the spousal coverage is a fairly good deal. Even though the policy amount may be fairly low, the premiums are often also low. Insuring your children may make less sense, though: Since you are not financially dependent on your children, if they pass away you will not need funds to cover the resulting loss of income, since most kids don't generate an income that goes towards supporting the family.
If you wish to compromise, you may decide to purchase enough coverage that will cover funeral expenses. (While that sounds morbid, it may be a practical way to defray the relatively high costs of funeral services.) Otherwise, think twice before you carry life insurance on your kids the only time anyone needs life insurance is when someone else is financially dependent upon them.