70% of life insurance planners “Income decreased due to COVID-19”

Since the spread of COVID-19, 7 out of 10 life insurance solicitors have experienced a decrease in their income.

The Life Insurance Association announced on the 17th the results of an online survey conducted from November 15 to 30 last year targeting 2,200 exclusive insurance solicitors from 13 life insurance companies.

Of the respondents, 70.3% said that their income decreased compared to before COVID-19. The increase was 8.9%. However, 64.5% of the respondents were optimistic that the demand for life insurance will increase or maintain the current level in the future. The forecast that demand will decrease is 35.5%.

The average annual income of an insurance solicitor is 48.75 million won. However, transportation, food, and operating expenses accounted for 25.5% of the total. Net income excluding this was 36.3 million won, slightly lower than the average annual income of 38.28 million won per worker in 2020 (based on the National Tax Service).

When asked about the percentage of income that is spent on operating expenses, 28.1% of the respondents answered that they spend less than 30-40%. 10.5% of respondents said they spend more than half of their income on operating expenses. In addition, △10% or less 6% △10~20% or less 22.3% △20~30% or less 25.3% △40~50% or less 7.7%.

The polarization of the income of insurance solicitors was clearly revealed. As a result of examining the income range, 26.9% of the average annual income was less than 24 million won, and 23% were between 24 million and 36 million won. About half (49.9%) have less than average annual net income (36.3 million won). Those with 36 to 48 million won accounted for 10.3%, 48 to 60 million won 17%, and those with 60 million won or more accounted for 22.9%. If the range is narrowed down, 10.7% of those with more than 100 million won were found.

Satisfaction with the job is 63 points. The Life Insurance Association explained, “The average job satisfaction of incumbents as of 2019 published by the Ministry of Employment and Labor was 61 points.” As a result of asking about satisfaction by sector, 66.7% of respondents said they were satisfied with the use of time (3.4% dissatisfied). Peer relationship 63.2% (4.1% dissatisfied), activity type 52.7% (dissatisfaction 9.3%), and income 31.5% (dissatisfaction 21%) are in order. However, for social reputation, dissatisfaction (32.6%) was higher than satisfaction (18.1%).


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