If the owner of a life insurance policy dies and the insured is still alive but the policy hasn't matured, if the insured wanted to cash out will he/she only be getting the cash out value? 
In Canada , if the owner of the policy dies . what happens to the ownership of the policy depends on what the owner had put in place prior to his/her death . If the owner has named a contingent owner the the policy would transfer that way . If their was no contingent owner the the ownership would form part of the estate and be probated . Depending on who the policy ownership was transferred to there could be tax consequences . The cash value is what could be surrendered , the death benefit is not paid until the life insured 's death . NOTE , once the policy has been issued the life insured has no claim on the policy or its cash value , unless the owner gave them the access . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community . 