There's the nature of the policy (term life or permanent life?). There's the owner of the policy (the business? Or a cross-purchase by partners?). There's the amount of the policy (is it sufficient to pay the value of the partner's share of the business?). There are tax issues, depending on how the payment of premiums is arranged.
The business owners should speak with their insurance, accounting and legal advisors to make sure that the policy they choose best suits their needs.