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Yes. ?Typically an employee does not own the policy, but does have an "incident of ownership" since he or she has the right to name the beneficiary (see previous discussion of "incidents of ownership"). ?If the insured employee irrevocably assigns all incidents of ownership in an employer-provided policy to the desired person or to an irrevocable trust, the death benefit will be excluded from the insured's taxable estate. ?If the insured dies within three years of the assignment, however, the policy proceeds will still be included in the taxable estate.

Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author

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Source: http://blog.estateplanning123.com/2012/12/life-insurance-can-an-employer-provided-policy-be-successfully-removed-from-the-taxable-estate.html

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