For a first-party policy, where the person insured is the same as the policy owner, the policy will end, and the death benefit will be paid to the estate of the policy owner.
However, if there is a secondary person insured, the policy will continue, and the owner of the policy will be the estate of the policy owner.
For a third-party policy, where the person insured is not the policy owner, the policy will continue and be taken care of by the estate of the policy owner.