Is a foreign life insurance policy considered just an account or must it also be reported as an asset? (foreign accounts and assets)

[CarolynM]

No, this is not a custodial account, Therefore, you do not need to report on FBAR.

For more information, follow this link: FBAR requirements

[Cih7000]

If a foreign life insurance policy has a cash value and exceeds the thresholds, it does need to be reported. From the table referenced in the prior reply:

Foreign-issued life insurance or annuity contract with a cash-value

Yes

Yes

[LinaJ2020]

It is not just an account.  It is considered a foreign asset and you must report if it meets the reporting requirements.  According to both the Form 8938 "Statement of Specified Foreign and Financial Assets" and FBAR requirements, you are required to report a foreign life insurance policy with a cash value if you meet their reporting requirements.  Click here 8938 vs FBAR and see below image.  @rlehmann54