The Internet has never really been about privacy, despite what you’d like to believe. Copyrights are not exactly yours you see. Specifically on Instagram, and specifically starting
"...you hereby grant to Instagram a non-exclusive, fully paid and royalty-free, transferable, sub-licensable, worldwide license to use the Content that you post on or through the Service."
Here is the best part. The aforementioned immediately follows their statement that
"Instagram does not claim ownership of any Content that you post on or through the Service."
So… although they don't own it, they will do whatever they damn well please with it. Oh, and they will do so without any compensation to you.
"Some or all of the Service may be supported by advertising revenue. To help us deliver interesting paid or sponsored content or promotions, you agree that a business or other entity may pay us to display your username, likeness, photos (along with any associated metadata), and/or actions you take, in connection with paid or sponsored content or promotions,
without any compensation to you."
And those pictures of your children, or any children, they are not excluded from these new terms.
"If you are under the age of eighteen (18), or under any other applicable age of majority, you represent that at least one of your parents or legal guardians has also agreed to this provision (and the use of your name, likeness, username, and/or photos (along with any associated
metadata)) on your behalf."
And just in case you weren’t sure, they’d like to re-iterate. "Instagram will not be liable for any use or disclosure of any Content you provide."
If you would like to opt out of the new policy, you must delete your photos and account prior to
Instagram has blogged that they are listening to user concerns and addressing them, read more here.