Directors of private companies or partners in business want to ensure their family is taken care of in terms of the value of their share of the businesses should they die. A 'Company Will' is simply an agreement that the deceased's family receives cash and the surviving directors or partners receive his/her share of the business, based around a life assurance contract.

Key employees can also be insured to allow for the continuity of the business in the event of their death, or their suffering a critical illness.