When you die, any cash value that is left in your policy will belong to the insurer. In other words, your beneficiaries do not receive any cash value upon your death. So as not to waste the cash value, you can either take a loan from it, use it to pay the premium or make a partial withdrawal, etc. Suppose you still prefer a permanent life insurance policy but are not that interested in a cash value. In that case, you may purchase guaranteed universal life insurance, which does not accrue or have little cash value.