My employer offers a life insurance plan for children, which is $2/month no matter how many kids you have. Each one is insured for $15K.
I sure hope I never need it, but I also don't want to go bankrupt to pay for a funeral. There are valid reasons to have some life insurance on your children..... but you probably don't need more than enough to pay for the funeral.
I won't ever insure my children above the plan that my employer offers, but I will always keep that plan because I do think it is a good investment.