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How It Works

  • Contact your insurance company to complete or update your beneficiary designations or POD (Pay on Death) form.
  • Designate FCNL to receive all or a percentage of your life insurance policy proceeds.
  • You may also transfer ownership of a paid-up life insurance policy to FCNL. We elect to cash in the policy now or hold it.


  • Make a gift using an asset that you and your family no longer need.
  • Receive an income tax deduction for the donation of a paid-up life insurance policy and estate tax savings after your passing.

Life Insurance: Make the Most of It

Life Insurance is a general term that describes many types of contracts between an insurer and an individual. All life insurance policies share three key elements, an owner, an insured, and a beneficiary.

  1. The Owner — The person who purchases and controls the policy,
  2. The Insured — The person who is covered by the life insurance policy. That person may also own the policy, and
  3. The Beneficiary — The person who will receive the value of the policy upon the passing of the insured. An individual, estate, trust or charity may be the beneficiary.

Generally speaking, most people decide to buy life insurance when they have people who are dependent upon them — children, partners or family members. They want to provide for their loved ones after they pass away, and do this by designating a beneficiary. Life Insurance can also be an important estate-planning tool and used to mitigate inheritance and estate taxes. The varieties and variations of life insurance products are endless and it’s essential that you consult a trusted financial or legal advisor to understand exactly what you are buying when you purchase life insurance. Know whom you have designated as your beneficiary and review beneficiary designations regularly.

To make the most of your life insurance contract, consider if you still really need it.

  • Are your children doing well in life?
  • Do you have other assets that will provide for partners and loved ones?
  • Have you been more financially successful than you anticipated?
  • Have your financial priorities changed and as a result you now wish to do more for FCNL?

If you answered “Yes” to any of these questions, it’s time to review your beneficiary designation forms.

Any portion of your life insurance policy assets that you leave to FCNL Education Fund will be exempt from inheritance and estate taxes. You can leave all or a portion of your policy.

Note: Gifts to Friends Committee on National Legislation are not tax deductible. If your estate is likely to be greater than $5.45 million, you can receive an estate tax benefit from giving to the FCNL Education Fund instead (Tax ID #52-1254489). Since only about 1% of estates are large enough to be taxed by the federal government, there rarely is an estate tax benefit to naming FCNL Education Fund instead of Friends Committee on National Legislation. We therefore encourage you to give these gifts to Friends Committee on National Legislation. Please check with a tax advisor to see if your estate will likely be subject to federal or state estate taxes. Read full disclaimer.