Yes. A foreign policy with cash surrender value is a foreign financial account for FBAR purposes and a specified foreign financial asset for Form 8938. Premiums paid to a foreign insurer are also generally subject to a 1% US excise tax, unless an income tax treaty with the insurer's country waives it, a detail most policyholders have never checked either way. Where it applies, it is paid on Form 720, the quarterly federal excise tax return, not on your Form 1040.
Investment-linked policies common in Asia add a second layer: the funds inside them are typically PFICs, and policies that fail the US definition of life insurance lose the tax deferral US policies enjoy. Reportability is certain; favorable tax treatment is the exception, not the rule.