1 Corinthians 3:11-15
For other foundation can no man lay than that is laid, which is Jesus Christ. Now if any man build upon this foundation gold, silver, precious stones, wood, hay, stubble; Every man's work shall be made manifest: for the day shall declare it, because it shall be revealed by fire; and the fire shall try every man's work of what sort it is. If any man's work abide which he hath built thereupon, he shall receive a reward. If any man's work shall be burned, he shall suffer loss: but he himself shall be saved; yet so as by fire.
Who is the FIRE?
Malachi 3:3
He will sit as a refiner and purifier of silver; he will purify the Levites and refine them like gold and silver. Then the LORD will have men who will bring offerings in righteousness,
Zechariah 13:9
This third I will put into the fire; I will refine them like silver and test them like gold. They will call on my name and I will answer them; I will say, 'They are my people,' and they will say, 'The LORD is our God.'"
1 Peter 1:7
That the trial of your faith, being much more precious than of gold that perisheth, though it be tried with fire, might be found unto praise and honour and glory at the appearing of Jesus Christ:
John 3:5
Jesus answered, Verily, verily, I say unto thee, Except a man be born of water and of the Spirit, he cannot enter into the kingdom of God.
The FIRE is the Holy Ghost who sanctifies us in this life time by purging our sins.
As it is written many are called to faith in Christ when they are baptised by water and are justified, though few are chosen and sanctified by the FIRE who is Spirit.
The SPIRIT is the REFINING FIRE.
Once we established who the fire is we can now interpret the versus.
The foundation of our faith is Christ and any good works that manifest from us is built upon this foundation rock whether it be gold (excellent), silver (good), wood (average). The Holy Ghost manifests our works and makes judgement on its merits whether it is excellent, good or average. If our manifested works complies with the Holy Ghost's standards then it is rewarded gold, silver or wood status. If any man's work falls below the Spirit's standards then it gets purged out, meaning rejected and that person's work is not given any merit. However because the Spirit purges that work that the Spirit considers unfruitful, then the Spirit saves that person by stopping that person in continuing with those fruitless works.
It all plays out in the here and now and it is the refiner of our souls who is moulding us to bear fruits that he rates according to his standards. Nothing about death mentioned here, everything is pro-life for the sanctification of the faithful who is being build up on the foundation cornerstone Christ Jesus.