So no adjustment for inflation, right? Just $12 a month? Well if she lives to 85 (and you pass away the same time or earlier), she will collect $7344 total. Even if one of you lives to 95, it will still only be $8784.
If you invest the $3067 now, and assuming that you don't touch it until she is 60, and the return is 8% a year after inflation (shouldn't have a problem meeting that kind of return with that long of a time frame in the market), it will be worth $22,685.
I know what I would do.