Lot of assumptions but as a broker I usually go with the Life office offering the cheapest Life Assurance. Most of them have children cover of between €4,000 - €7,000 as a "free" cover, but Life cover is Life cover. . If you die, a lump sum goes to your estate . .
You have nothing to lose by using an Independant Financial adviser (ask them to price pledge cheapest price in the marketplace) and for copy of the quote. You dont pay anymore and will get more impartial advice then you would going directly to a bank/Life office.