Your policy’s face value - also known as a death benefit - is the amount of money your insurer will pay out to your beneficiary after your death. On the other hand, your policy’s cash value is a portion of your premium that has gone into a separate cash fund. The cash fund will accumulate interest throughout your policy’s lifetime, and it will be given to you if you surrender your policy before your death. However, your beneficiaries will only receive the death benefit; they won't receive any of your accumulated cash value after you die - it will stay with the insurance company.