Life insurance on a child is really a waste of money. You need to save a minimum of $100/week per child for their future educational needs.
As the account builds, convert to investments for a better return. Put the accounts in a trustee arrangement. E.g. most banks will let you open an account for your child "Parent Name as trustee for Child Name" (or "in Trust for..."). You can typically name an alternate trustee or successor trustee in case you die before child attains age of majority (age 18). Same for investment accounts.
This way, you save regularly to have a goodly amount for specialized education opportunities (Space Camp, study abroad programs, etc.), as well as college. If the child dies (statistically rare), you have funds for funeral, etc. If the child does not go to college, you can turn over the money in the trust at an age/timing you deem appropriate.
Protects your child the best! Remember, average cost of a 4-year college degree in US is already $250,000. And if anything happened to you, whoever takes your child/ren as their guardian or "godparent" would likely need that money to help provide for the child. That's why you name a successor trustee.