We have 10K on the children as part of my policy, because it is cheap. Plus, if something happened to one of them, I know that 10K would really help towards funeral costs and income loss due to time off from work. Also, if their death was after a lot of medical expenses, that would help to resolve them.
You never know when, or how, or what is going to happen, so for those couple bucks a month, it is worth it to me. I don't need the extra stress of paying for everything when grieving.