If one is paying premiums in foreign currency on a life insurance policy held in his name in a foreign country where the policy has not matured and the insurance company is foreign, does he have to report anything on IRS tax returns or file FBAR?

Since the policy has not matured or canceled, the income received is nil.

You have to list the life insurance policy's CASH VALUE on the FinCen Form 1114.

Cash value is what you wold get if you turned the policy back to the company and cancelled it.

You have to list the life insurance policy's CASH VALUE on the FinCen Form 1114.

Cash value is what you wold get if you turned the policy back to the company and cancelled it.

Thank You ! If the Cash value (surrender value) is significantly lower than total premiums paid so far, do we still have to report it? If the premium is paid in Nov 2013, then do we report the surrender value 'after' premium was paid for that year (which is Dec 2013) or 'before' premium was paid (like Oct 2013).

Also, only FBAR is required and we don't need to file tax returns, right?

Correct; report NOTHING about the life insurance on the tax return.

Report the cahs value at its HIGHEST POINT in the calendar year.

Correct; report NOTHING about the life insurance on the tax return.

Report the cahs value at its HIGHEST POINT in the calendar year.

Thanks. Just to confirm. I do not have to report it on Form 8938, either, right? Just on FinCen 114?

I am not sure, but I do not think cash value life insurance is reported on Form 8938, just on the FBAR.