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Note: There is no one "cookie cutter" plan or product solution. The process involves understanding your overall objectives, determining your needs and then based on your individual situation, deciding how your resources should be allocated. Please note that product features differ between companies, so if your financial or retirement planner cannot access them for you, checking around would be prudent.
If you would like to contact me directly with a question or for a no obligation second opinion my contact information is below.
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.