What happen if the person paying your insurance dies?

From your question it's presumed,,that either you are minor having no income of your own or you are the nominee of the policy on whose behalf the premia was being paid by the so called person. Well, if Premia waiver benefit has already been opted, then you need not to pay premia for the rest of the tenture. Or, the death benefit will accrue on you for being nominee of the policy.