Change the beneficiary to your son if he's an adult, and if he's a minor, you need to appoint a guardian for your son, which may also be your mother. See an estate lawyer for help.
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Contact your life insurance agent and let him know you want to name your 3 year old son as a beneficiary. The agent is in the best position to let you know the life insurer's process for naming a minor as a beneficiary and how they would handle the distribution of funds in a way that most protects your child..
Get a trust that has provishions for a minor. retitle the polocy in the name of the trust.
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