Interesting plan for a parent to give to a child

I like to suggest an interesting plan for a parent to take for each child. It covers the parent's life and provides the following parent in the event of the death of the parent during the term:

* a capital sum of $20,000
* a monthly income of $200 payable to the child for the remainder of the term
* the term is for the period until the child reaches a specified age between 18 to 25 years

As this is a term insurance plan (without any refund of premium), the premium rate should be quite low. It provides adequate protection at an affordable cost. I envisage that the annual premium could be less than $50.

The policy can be taken on the mother's life or the father's life. Two policies can be taken to cover both parents.