Korea Life's GoldAge Plan

Insurance firm putting on massive campaign to introduce new insurance product

Korea Life Insurance Co. announced on May 15 that it will promote its GoldAge Plan until the end of July, explaining the insurance product to its customers from the age of 60 to 80.
The massive plan has been under an intensive promotion to sell to its aging customers its new insurance products under such catchphrases as "Prepared Old Age is a Blessing."Korea Life said it will train 20,000 financial planners for the promotion of the insurance product for the old retirement aged people and the company is confident that the product will best fit with their old age customers because it is designed for solving "70,000 hours of fear,"hours left for people from age 60 to 80 deducting time for meals and sleeping and most of them face the period without any solid plans on how to cover themselves financially.
The company doesn't think that money is the most important thing during the period, which is why the company has set upon the plan. The product is designed to help its customers to build the golden age of their lives,
not tied up to money alone, and spend them happily. The 20,000 insurance planners will visit the customers and explain the newly developed retirement program and retired life plan to give them a detailed plan or a set of new paradigm to prepare for their retirement.
Korea Life will hold various entertaining programs to promote its new GoldAge life insurance product including prizes for overseas vacations and events through Cyworld and ads through TV and print media.
The company launched a new insurance product for retirement life designing called, "Majestic 100 Years Old Retirement Insurance,"and "Majestic Life-term Insurance."The GoldAge Plan is designed to not only solve financial problems, but also raising the value of life in general by taking care of health, time and people, Korea Life officials said. Gold Age means not the sunset of life, but means designing an old age free from the economic strain and health problems, in fact, the gold age of life, they said.
Director Lee Ho-young in charge of the insurance marketing sector, said the insurance products for old age have been limited to securing money for the old age. But the GoldAge goes a step further aiming at the life after retirement considering such elements as health, time, finance and people to help its policy holders to map out their own plans. The company will print 300,000 brochures to be provided to its potential customers in the near future. The move is to boot the image of Korea Life as a companion in boosting the value of life after retirement for its customers.
Vice Chairman Shin Eun-cheol said retirement pension for healthy life after retirement and life-term life insurance products would our dollar box in the future, meaning that a longer age of the people would his company's future growth engine. Korea life will observe the 60th year in business this year. He said only 55 percent of individual people have life insurance coverage, showing that the market would be still growing.
Korea Life's growth possibility is unlimited. It can extend into the silver, and grave industries and related areas to provide insurance products covering from birth to grave. Individuals now have to map out their insurance policies to prepare for their post-retirement life.
The vice chairman also said the insurance companies need well-trained corps of financial planners to cope with changing tastes and preferences by aging customers to avoid dire situations in marketing. This is the reason why the company has been managing the sharp financial planners'group aimed at rich professionals and wealthy people from last year and the company will continue to operate them.
Korea Life has also been strengthening its online marketing aimed at the niche market for customers in their 20s and 30s and change the conservative image of the company by doing so. The company has also been looking for ways to find markets overseas in line with the new Integrated Capital Market Law, which will come into being shortly when it passes the parliament. The Law is expected to bring down the walls between the financial sectors, boosting competition among them. The vice chairman said the company eyes China, Vietnam, and India as new insurance markets and after 10 years, the company's local subsidiaries would be able to make profits in those market countries. nw

(photo left)President Shin Eun-cheol of Korea Life Insurance Co.
Korea Life staff discuss the Majestic 100 years Retirement Insurance which their company introduced recently.