Life insurance preniums for Officers of a Corporation are generally never deductible against a Corporations taxable income. As a matter of fact, this is treated as an M-1 adjusment and is a difference between Book Income and Taxable Income.
Now, if the Corporation wishes to maintain the policy of a former Officer of the corporation, I may sure that there is nothing that prevents the Corporation from pursuing this policy, however, for tax purposes this is an M-1 adjustment or an add back to Corporation taxable income. That is, there is no deduction allowable for the premiums paid by the Corporation.
Also, there is the possiblity that for a whole life policy where the premiums paid by the Corporations on behalf of the Officer would be reported as a 1099-Misc income to the Officer, if the Officer's spouse is the ultimate beneficiary of the policy.