Hey
EricAdvin,
I'm not too familiar with snorkeling vests at all so I'll hold my opinions on that subject. But I'd like to hand out what I thought was an extremely useful bit of info.
I've been a lifeguard for a few years now and the one most important thing I learned was that someone who's drowning won't make a the stereotypical action of splashing and screaming. Rather they usually go real peaceful and slowly drift under.
Source articles:
ABC - Parenting: Drowning doesn't look like drowning
Another article detailing a true story
Since you're kids can't swim reliably yet, I would strongly advise both you and your wife to not only be at their side within arms reach but also to keep an actual eye on them. Check in with them frequently, if not verbally then at least physically. You can use a hand signal such as the scuba "OK", it's both a question and an answer. You're kids might actually enjoy learning and using this, as it's something new.
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"OK" hand signal
My only other advice to you is to also carry some sort of flotation device where you can get your kids at least shoulder high up in the water and stable too. Reason for this is incase your kid takes a mouthful of water and starts to cough uncontrollably.
This can be a kick board the you'll hold on to while you hold your kid up high in the water OR it could be a flotation vest of some kind that will keep your kid high up in the water.
I'm not a parent but if I were in charge of a child I would prefer a flotation device directly on the child. One that will be stable so I could potentially let go and not worry about it flopping the kid face first into the water.
If a snorkel vest accomplishes this then it may be a good idea for all of you to have one. Trust me, not having to tread water makes managing things a lot easier.