Prepare for retirement even on rainy days

In a fast-aging society like Korea, insurance policies and pension schemes have been regarded as the primary tools for people to prepare for retirement. But those living from hand to mouth simply cannot afford such financial products.

Things have gotten worse in the aftermath of the global financial crisis of the late 2000s, which has caused many middle class households to struggle as the economic downturn continues to weigh on them.

Kim Yong-min, a 28-year-old sales manager in his 20s for one of the largest domestic insurers, calls himself a pioneer to change people’s prejudice on insurance, claims that people have to think about their retirement even in difficult times as the nation’s average life expectancy keeps rising.

“It’s our job to set up financial plans for people over the long term as well as taking care of their short-term economic problems,” said Kim.

His mission is tough in these hard times as a recent survey by a private bank found that 55 percent of respondents have yet to start saving or investing for their retirement.

He also admits that it is very complicated work because he has to forecast the future based on all financial information and knowledge in terms of people’s costs and benefits both in the short run and over the long haul.

But what worries Kim most is people’s negative preconceptions on pensions or insurance policies rather than their financial capacity. They regard him and his peers as only caring about selling unnecessary products.

“We are more like consultants than mere salespeople who just want to sell insurance products. We take care of our customers so that they can live comfortably in the evening of their lives,” he said.

“I feel like I have become a kind of pioneer who can change the prevalent prejudice about my job. I promised myself to make my customers realized how professional this job is.”

Kim entered the business after joining an internship program for his company in 2011. It took only a year and half for him to become manager of a sales team.

He said that ceaseless efforts to change the paradigm on how insurance salespeople work and the resultant good performances earned him the unprecedented promotion.

Kim said the most exciting part of his job is not about his solid business achievements but about overcoming the prejudice many people have about the industry.

“This job is all about meeting as many people as I can and making phone calls is a prerequisite for this,” the sales manager said.

Calling people he has never met before and asking them to meet him was fairly stressful at first because many of them flatly refused, he recollected. One day, he just stared at his cell phone for hours.

“It was on my way to being accustomed to refusals, I think,”

Now, however, the manager is mostly excited when he meets strangers and makes new contacts.

“Courage doesn’t mean being fearless. It means making seamless attempts despite being scared,” he said. <The Korea Times/Bahk Eun-ji>