On Form 8938, is a Life Insurance policy considered to be a Deposit Account for Part I of the form?

[CarolC]

This would not be considered a deposit account for Part I.  However, a life insurance policy could be considered a Foreign Financial Asset for Part II if the policy has a cash surrender value.

Click the IRS link below for common FAQs on Form 8938.

https://www.irs.gov/businesses/corporations/basic-questions-and-answers-on-form-8938