Thanks @MissMazuma (along with everybody on the list) we have term policies for my wife & I and going to see if we can add the rider for both our children (if it's cost-effective). And, either putting the price of the policy in a savings account or investment account.
We have just had the policy for our oldest for a year, so I can get about 50% of the value back ($75) and not be out too much. Now that we know $15/month isn't a good price for a whole policy.
My wife & I had a great conversation after everybody's input. We are in the financial position to afford the unfortunate and we don't want to feed the insurance industry as much as possible. Besides our current home mortgage, we may more in insurance (health, self-employment, life, homeowner's, auto) is more than the rest of our budget catergories combines. Having two less life insurance policies can reduce that amount a little bit.