What is the best way to say "shelter" your children? 'Proteger' or protect, doesn't sound derogatory, which is what is meant by this phrase. 'Sobreproteger' doesn't seem to do it justice either.
Sobreproteger is the term you're looking for.
It's used when you want to say that a parent protects its children too much from the perils of the "real world". It's derogatory, as the parent isn't allowing its children to grow because of the excessive protection. In general, you'd want to avoid to "sobreproteger" your children.
If you think that sobreproteger does not do enough justice, then you can say hiperproteger or ultraproteger.
You will not find the word "sobreproteger" in the dictionary, because in fact it is formed by "proteger" and the prefix "sobre-", which means "over", the same that "súper-". I'm not sure if there is any order of superiority, but I think "híper-" and "ultra-" in this case are more intense than "sobre-".