Key man life cover can help in privately owned companies to cover major shareholders. Should a major shareholder die there is a possibility that the other directors could lose control of the company.
Key Man Life Cover, also called shareholder protection assurance, protects the other shareholders as the payout allows them to buy the equity of the deceased shareholder.

This kind of cover can also be applied to partnerships, so that if one of
the partners should die, the remaining partners will receive a payout
to enable them to buy the equity.

By their very nature, Key Man policies are quite complicated, in that
they require a full understanding of the business and how it works
and how it is constituted in order for the policy to be effective and
tax efficient.

In depth discussions are required to ensure that the protection
that you are considering suits your business and its needs properly.