Mike Hamilton, SVP, Sales, Distribution & Marketing, RBC Insurance
To explore the new initiatives offered by RBC Insurance to the military community, Esprit de Corps spoke with Mike Hamilton, SVP, Sales, Distribution & Marketing, RBC Insurance
Edec: I understand that RBC Insurance is offering a new service aimed at the military community. What was the genesis behind
RBC Insurance’s decision to create such a targeted initiative?
MH: RBC is committed to Canada’s military and we saw the opportunity to do more to support the unique challenges they face. As a result, we are now offering our Simplified Term Life insurance coverage to help Canadian military personnel – both active and retired, and their spouses – get the insurance coverage they need.
As a former member of the US army with 10 years of service, my ability to combine that experience with my leadership role at RBC Insurance allows me to see and understand the needs of both sides and to effect important change.
Edec: What are the unique challenges faced in the military and in transitioning to civilian life – and how to overcome them?
MH: Military personnel have unique financial needs, for example having to change posts with little notice. This may require them to break their mortgage prior to maturity and that can be costly.
There are also a number of challenges transitioning to civilian life; one-third of Canadian Veterans report difficulties with it. It is sometimes hard to see how your experience can be of benefit to the corporate world, and employers may not always know how to appreciate those skills. You’re also starting over in terms of building a network, which is just as critical in corporate as it is in the military.
Edec: What benefits can the military community expect from RBC Insurance regarding this new initiative?
MH: This product gives military personnel access to a product that has typically been difficult for them to obtain, or that they were charged higher premiums for. Our qualified experts can support them with their overall insurance planning needs for themselves and their families. We will also be taking a larger, holistic view of their unique financial needs.
Edec: What are some tips or resources you can provide around the importance of support and financial knowledge?
MH: A logical first thing is to reach out to not only your Veteran community, but also to business leaders and mentors in the field(s) you are interested in.
Do not start the process when you are in the midst of retirement or transitioning out but rather start a year or two beforehand, so that you can build a solid support team
Naturally, reaching out to someone who understands both sides (civilian and military) will really help. Of course, good financial literacy is important, so whether still in service or retired, look for a financial advisor who understands your unique needs.
Edec: While this Simplified Term insurance is a new initiative, RBC has long been involved with the Canadian military community. Can you elaborate on that support?
MH: Since 2011, efforts have been focused on recruitment programs directed at ex-military and their families through Treble Victor, Canada Company and True Patriot Love. The RBC Ex-Military Recruitment Program aims to help veterans and their families tap into great career choices at RBC and RBC Insurance. Ex-military are better than average workers – they just need help communicating their transferable skills.
We also support the military with our philanthropic giving. For over 5 years, RBC senior business leaders have gathered at CFB Petawawa to participate in drills, which showcase the training and professionalism of Canada’s military. We are proud of our long-term commitment to help fund the Strongest Families Institute through True Patriot Love. We believe the families of those who serve should feel safe and supported here at home.
