If I am the beneficiary of a cash value life insurance policy and the owner of policy dies, can I cash out?

Call the insurance company that issued the policy...no one HERE can help you...if they haven't declared your father dead then the policy is still in effect...and if you don't keep making payments, it will be canceled and all her money paid in wasted. So call the insurance company listed on the policy!

You have to call the insurance company and ask them who the owner of the policy is. Only the owner can make any changes. Hopefully the owner will not be an estate. That will complicate things. This does get complicated. First step is to call and find out who the owner is and if the insurance company needs one or both of their death certificates to prove their deaths. After you find out who the owner is repost your question again.

Since you are now the owner you should be able to cancel the policy and get an amount equal to the cash surrender value. You will have to pay income taxes on any amount above what premiums were paid into the policy. If you feel that your father's health is bad and would like to keep the policy, then you could borrow the cash value or do a partial withdrawal and continue to pay the premiums and keep the policy in force.