I looked into it and it's not that great.. you will benefit more by just having a personal savings account with your bank. There is a yearly maximum and the interest pay is next to nothing.. so in my opinion, it's not worth doing it. There are too many stipulations on whether or not your child gets his money when it comes time and if something happens.. and to me, his money is HIS money.. and I don't want someone else deciding whether or not he gets it if he is fully entitled to it. We have life insurance set up in a trust.. a trust is a good option because if something happens to you, your child will get your money right away instead of having to go through a long litigation process. See a financial advisor about setting up trust accounts.
Best Wishes!