Insuring children in California has its own rules.
Who can contract: a minor (under 18) is not treated as incompetent to contract for life insurance just because of age. A minor under 16 needs a parent's or guardian's written consent to contract, to surrender the policy, or to give a valid discharge for money paid under it (Ins. Code §10112).
Insurable interest must be real; parents have it in their children.
Minor beneficiaries: insurers usually pay a minor's share through a guardian, a trust, or a custodian under the California Uniform Transfers to Minors Act (UTMA) rather than directly to the child.