Answer for Can I buy a life insurance policy for my children too?

Life insurance has to bought to protect financial fortunes of your family against sudden death of the insured person.
Life insurance is not a tool to build wealth
Buy a good online term insurance for yourself to protect your children from future financial distress in case something were to happen to you. DO NOT waste your money on any other life insurance policies.
Save regularly and put your savings in safe instruments like PPF and risky assets like equity mutual funds to build wealth over a long period of time (15+ years). The aim should be to get 12-15% returns over a long period of time with disciplined investing. This will give you enough money for your children’s education as well as your retirement.