lost iPhone

I lost my phone yesterday, probably outside and don't really expect to find it. (I do not know if the location setting is turned on on the phone.) The phone is apparently turned off. On my Mac, I have reported it as lost and set my mac to ping once the phone is turned on. Should I remotely delete the content? If I don't can the finder of the phone access my info by simply removing the the Simm card? If I do delete the content, will I be able to regain the pictures if the phone is found (the pictures are not on the cloud).