Then, if at your death your child needs the guardian, the court will appoint the person you chose. Some insurance salespeople try to pressure parents into buying expensive life insurance policies by exploiting fears of premature death. These pitches are best viewed with skepticism. If you're reasonably young and reasonably healthy, consider purchasing a moderate amount of term insurance, which is much cheaper than cash-value policies. It will provide quick cash for your children if necessary, without draining your bank account now.
Term insurance is pure insurance protection, comparable to auto or homeowner's policies.
If you die, the death benefit is paid.