I was having a bit of a web surf the other day and came across “perkonomics1″, described as perks and privileges given by a business to a customer, particularly those little perks that may give a client a bit of status or convenience. 

Some of their examples included Lexus owners in Australia given the opportunity for free parking at a number of cultural centers, including the Sydney Opera House or Palmeiras, one of the major football teams in Brazil, reserving 5,000 seats exclusively for Visa Card customers.

When it comes to financial planning fees or insurance premiums people are quick to think of the money going out, on how much it will cost them, and not so quick to think of what they may be getting in return. 

Now your insurance company or financial planner may not offer perks as lovely as a free car park at the Opera House and if they did you may want to question why, but there are plenty of pluses in sticking it out with your financial and insurance plan.

There’s the obvious benefits of course including having choices and financial freedom in your old age and protecting yourself and your family during traumatic events such as illness or injury.  But what are some of the lesser known perks that may make life a little easier for you?  I have listed a few below to get you thinking. 

• Payable benefits may be increased or free accidental cover may be offered by your insurance company if you continue your cover for a certain period of time, often about five years.
• Expert advice from worldwide medical doctors and institutions if you are paid a benefit for a critical illness as part of a trauma or permanent disability policy.
• Grief and support services may be offered to your immediate family as a result of a traumatic event at the time of claim.
• Insurance premiums may be temporarily suspended if you find yourself without employment or on maternity leave. 
• Assistance towards financial planning costs may be provided if a lump sum benefit is paid.
• Loyalty discounts on premiums may be offered if you personally have two or more policies.
• Further discounts may be given by having multiple lives.  We’re not talking about the family moggy here, we mean you may get offered a discount if you and your partner take out life insurance, and additional discounts may be given if your brother or various extended family members also take out cover.  Multiple lives discounts may be offered in a business partnership as well. 
• In terms of investments, Agribusinesses may offer grower tours where you can undertake site tours and as an investor you may be able to buy their products at discounted prices.  
• Fund managers may provide seminars to help you stay educated and on top of financial markets.

Not all companies offer the same benefits, so you may need to shop around to find which products suit you.  Better still, save yourself loads of time by engaging a financial planner to put together an insurance and financial plan to suit your circumstances. 

1http://www.trendwatching.com

Please Note:

This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you need to consider (with or without the assistance of an adviser) whether this information is appropriate to your needs, objectives and circumstances. This information is provided for persons in Australia only and is not provided for the use of any person who is in any other country.