I live abroad and every year I pay about 500 as my life insurance premium so that if I were to dies my family would get 100000 as long as I've paid premium for the year. However, if I were to stop paying the premium from next year I won't get anything back. Do I need to declare this in FBAR?

As long as there is no cash value on the policy, no.

Thank you. What exactly is a cash value. I could not understand that part. I pay about 450/year as a premium and if I were to die the dependent get some amount. If I quit tomorrow I won't get anything back. Is this considered cash value?