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1. In certain circumstances, you can protect your GIA policy from unforeseen bankruptcy by designating a preferred class beneficiary. Since there are some circumstances where creditor protection may not apply, it is recommended that you consult a legal advisor to find out if you are eligible for this protection
2. Insurance deposits are backed by Assuris while Bank GICs are backed by Canada Deposit Insurance Corporation (CDIC). Credit Unions GICs protection on varies by province for example the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC), More details on their websites.