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Whether you have life insurance or not has no relevance to this question. You can always make gifts of assets to your children at any point in time.
However, if you have a spouse then need to consider the family law issues because you cannot leave your spouse with less when you die than your spouse would be entitled to if your marriage ended.
Let me know if you need any further clarification.
You can give the children whatever you wish but they or the estate will have to pay off any debts.Perhaps you should check with another insurance company
I can see that being too expensive.
But you can certainly manage your assets how you see best now.
And you can also consult with an estate planner such as a lawyer or accountant.