You should look into human trafficking, I'm told they got tons of kids available.
I wonder how much I could get for a snarky old man?
You want to protect/insure the income stream in case of a loss due to the death of that earning person. So as my agent told me, unless you child is a child star, then you should take insurance out on YOU the bread winner to replace your income if you are gone. That being said, having minimal amount of insurance out on them to cover burial expenses might be wise. The plan is for you to out live your kids, so you insure the revenue stream.