The premise behind term life insurance is that it protects your loved ones by replacing your income in the event of your death. Children have no dependents, so typically, child term life insurance is not the best investment choice.
However, when you purchase term life insurance for yourself and your spouse, you are really purchasing it for the security and well being of your children. In many cases, if it was just you and your spouse, you could survive if something happened to one of you. Term life insurance is about securing your spouse’s future at the same standard of living in the event of your death and, most importantly, protecting and caring for your children financially even after you are gone.