Buying money -OR- There is a price on my head -OR- Wanted: Dead or Alive

So I bought a term life insurance policy in college, 20 year term for a benefit of $300,000. Took a physical, answered some questions and then it was done. Just pay the insurance company $26 a month for 20 years and if I died in that time then my beneficiaries would receive $300,000.

Well ten years have gone by since I purchased it and I think I am going to live more than another ten years. So if I want to ensure I leave money to someone(s) when I finally lose the battle with life, I need to do something.

For insurance companies, it is all about managing risk. They were betting I'd pay $26 a month for 20 years, or $6,240 without me dieing and them having to pay the claim. On my end, I'm hoping to give three hundred grand to someone(s) by dieing before then, essentially getting free money.

I need something to replace that policy since I'm going to live longer than the remainder of the term. Doing some research my options came to this:

-#1.Buy another 20 year term policy with a $300,000 pay out for $274 a month.

-#2.Buy a policy that would never go out of force, paying on it every month of my life till I died for $160 a month.

-#3.Or the option I chose, have a policy that never goes away but paying $204 a month for 20 years.

Option one has a limited time frame and a total cost of $65,760.

Option two is unlimited in time and if I live 30 more years say, would have a cost of $57,000. Maybe less, maybe more.

Option three, the one I took, has a total cost of $48,000.

Putting a value on my life of $300,000 costs me about 50 grand. I think that's a pretty good return. Thankfully I won't be there when it has to be paid out.