No. income growth in a life insurance policy is not reported as income. Only if the policy is relinquished then the growth that exceeds the policy basis may be taxable on when it is surrendered., if this is what you mean.
Now, for FBAR reporting purposes, you would report the present values of the active policies each year, which includes the growth for that year.
The 8938 will not be needed if the policies exceed more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year. If you are filing Married Filing Joint, those amounts will double.
Yes, just do the math. You are responsible for that. The foreign interest would be reported like domestic interest from a 1099-INT and reported in the interest and dividend section of your tax return.
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