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? 
The insured has no rights per se under a life insurance policy . Therefore , if the owner of a life insurance policy dies before the beneficiary , ownership of that life insurance policy reverts to the estate of the deceased owner . It 's that person that gets to decide what happens to the life policy . Hope this helps . 