Your life insurance policy will pay out at the time of your death. You can detail in your will how the life insurance payout should be used, particularly if you could be leaving behind dependent children.
You may wish to note that a portion of the cover is used to payoff the remaining mortgage on your property and that the property, which could be held in a Family Trust, is to be inherited by your children when they reach the age of 18. A second portion of cover could be designated for use by the appointed guardian.
Generally, writing a will is a way to make sure that your financial legacy is protected and passed down to your children.