Life Insurance for children?

I'm looking into saving up for Khristianna's college fund.

I've received this thing in the mail, and was wondering if i should apply for it.

www.gerberlife.com

it's called the grow up plan

it's basically life insurance for Tianna, till she's 21 it doubles and she can cash it out or something of that nature.

or should i just open an account and just put money in there every month lol (i am so tempted i might spend it LOL)

anyone have this or anything like this for their kids? should i apply?