Is a foreign life insurance policy reportable, and how?

A foreign life insurance policy with a cash value is generally reportable; a pure term policy with no cash or surrender value usually is not. If your overseas policy builds a cash surrender value, that value is treated as a foreign financial account for the FBAR and as a specified foreign financial asset for Form 8938 once you cross the thresholds — you report the policy's maximum cash value during the year. Beyond reporting, foreign insurance and annuity-type products can carry surprising U.S. tax consequences: some are treated as PFICs or attract a federal excise tax on premiums, and the inside buildup may not get the favorable treatment a U.S. policy would. So a whole-life or unit-linked (ULIP) policy from back home is both a reporting item and a potential tax headache. Report the cash value, and get the policy reviewed by a cross-border specialist before assuming it's tax-efficient.