Joint life insurance venture for farmers
Leading agribusiness bank Rabobank Australia and insurance advisory firm Future Life Financial Services have joined forces to deliver a new life insurance solution to rural Australian farmers.
Rabo Life is the result of a 50/50 joint venture between the two companies and provides specialist life insurance advice and products to farmers and other clients.
It also assists clients in obtaining legal guidance on issues related to life insurance, estate and business succession planning.
Rabobank Australia and New Zealand chief executive officer Bruce Dick said the new business further broadened and improved the services offered by Rabobank to rural Australia.
“Life insurance is a particularly pressing issue in this market, with research indicating there is a significant problem with under-insurance in the rural sector,” he said.
“Primary producers are particularly at risk from under-insurance, with the majority of farms typically run as family businesses and reliant on a small number of family members.
“If something happens to one family member, it is not only devastating to the family personally, but can also result in financial ruin or at least hardship.”
Rabo Life has begun operating in NSW with five advisers that are specialists in rural financial planning, and is aiming to have an interstate presence by the end of the year.
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