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? 
Unless there is a contingent owner , this policy will go to the decedent 's estate . If the cash value of the policy is needed to pay off creditors or for administrative costs to settle the estate , or if it determined by the executor that cashing in the policy is in the best interest of all , then the cash value only is collected . Even if the policy is kept , the full face amount would not be collected until you died or your policy endowed -LRB- usually at age 100 for Whole Life -RRB- . Thank you and I am sorry for your loss . 