You can nominate children as beneficiaries, but legally, we can't pay claims directly to them if they are under 18 years old. 

We can pay into a trust that you may have set up for them, alternatively, the payout will go to your estate. 

Contact a registered financial advisor for financial advice regarding what would be best for your personal financial situation. A lawyer (or your bank) would also be able to assist with setting up a trust for minor beneficiaries.