No.
The premium payments are in the nature of capital expenditures. That is, they are amounts paid to acquire a capital asset.1 Furthermore, IRC Section 264 denies a deduction for the payment of premiums on a life insurance policy if the taxpayer is directly or indirectly a beneficiary under the life insurance policy, whether or not the death benefit is used to fund a buy/sell obligation.
1. Rev. Rul. 70-117, 1970-1 CB 30; Whitaker v. Commissioner, 34 TC 106 (1960).