American life insurance

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American life insurance


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Old 17th May 2019, 10:31 AM
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Do you declare an American life insurance policy on the French form for foreign bank accounts? It's not a bank account so not sure about declaring it. I have been declaring it in the past, but now wondering if I really need to since it is not an "assurance vie" policy as in France. I deleted it on this year's tax form, but now not so sure.

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Old 17th May 2019, 11:43 AM
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Unless there is a genuine "investment component" to the policy, I wouldn't bother. If you look at the tax rules surrounding French "assurance vie" you'll see that you can put money in and take money out - and that the taxability of that money is based on how long you have held the policy, etc. None of that stuff applies to most US "life insurance" - the kind that pays out on the death of someone.

Though, if in doubt, you can always report it. If you didn't have to, they'll just ignore it anyhow. And the only time the issue is likely to come up is when the insured person dies.

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Old 17th May 2019, 12:27 PM
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Thanks Bev, that was the only thing holding up my declaration.

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