It's a great song. I've heard this covered by Russ Lee of Newsong, if I'm not mistaken. It reminds me of "Cat's in the Cradle" by Harry Chapin and/or "Time in a Bottle" by Jim Croce.
All 3 of these songs seem to be talking about taking the time to spend real quality time with your family and really being there for each other when they need you. Otherwise, you just let time and moments fly right by- and they'll never come again.
Reminds me of Psalms 90:12-
"Teach us to number our days aright, that we may gain a heart of wisdom."