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    jesbin's Avatar
    jesbin Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Mar 27, 2012, 06:46 AM
    FBAR and LIfe Insurance
    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?
    Nadel's Avatar
    Nadel Posts: 35, Reputation: 2
    Junior Member
    		  
    #2

    Mar 28, 2012, 06:32 AM
    As long as there is no cash value on the policy, no.
    jesbin's Avatar
    jesbin Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Mar 28, 2012, 06:37 AM
    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?
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