30 March 2006
A new, specialist life insurance business for people in rural and regional Australia has been formally launched by leading agribusiness bank Rabobank Australia and insurance advisory firm Future Life Financial Services.
A 50/50 joint venture company established between Rabobank and Future Life, Rabo Life is providing specialist life insurance advice and products to farmers and other clients in rural Australia.
Rabo Life has begun operations in New South Wales and will be progressively rolled out into other parts of Australia.
Rabobank Australia & New Zealand CEO 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."
Mr Dick said Rabo Life combined Rabobank's experience in, and understanding of, the agribusiness sector with Future Life's expertise in life insurance to provide specialist advice and access to products designed for farmers' special needs.
Rabo Life is headed by one of Future Life's principals, Gary O'Sullivan, who has been seconded to Rabo Life as Head of Insurance.
"Farmers in particular can benefit from Future Life's experience in assisting clients in estate equalisation and asset protection," said Mr O'Sullivan.
The business also facilitates clients to obtain legal guidance on issues related to life insurance, estate and business succession planning.
Mr Dick said the services offered by Rabo Life perfectly complemented Rabobank's existing succession planning facilitation services and its Rabo Financial Advisors specialist rural financial planning business.
Rabobank is the world's leading food and agribusiness banking specialist and the second largest lender to rural Australia.
Future Life is one of Australia's leading risk advisory firms specialising in estate, business succession and risk planning with offices in Sydney, Melbourne and Brisbane.
Rabobank Australia is a part of the international Rabobank Group, the world's leading specialist in food and agribusiness banking. Rabobank has more than 100 years' experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank has a AAA credit rating and, in recent years, has twice been awarded the title of the world's safest bank by Global Finance magazine. Rabobank operates in 35 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1500 offices and branches. Rabobank Australia is one of Australia's leading rural lenders and a significant provider of business and corporate banking and financial services to the Australian food and agribusiness sector. The bank has 46 branches throughout Australia.
Contact
For further information please contact Denise Shaw, Public Relations Manager (Tel: +61 2 8233 8744) or email on sydney.mediarelations@rabobank.com.