Yes, a parent has an insurable interest on his (her) children, and can buy life insurance on the child (children) because it would be the parent paying for the final expenses of the child should the child die.
Life insuranxce for children is quick and easy to purchase for almost all her; thy children, and for some who may have health issues.
There are several insurers that offer child life insurance plans.
However, the amount of life insurance may be limited.
A parent may even apply online for child life insurance policies on his (her) children and get them insured in as little as a day or less.
You as the parent would be the owner of the life insurance policy, pay the premiums, and name yourself as the beneficiary of the insurance.
The premiums for child life insurance are very affordable because children are expected to have a long life expectancy, and the amount of life insurance is not that high, usually.
Here's how to get life insurance on your kids.