Are GICs purchased through a self-directed plan insured?
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Our response:
Generally, you do not get to choose the coverage you receive. Your financial institution must be a member of an insurance provider for you to receive coverage. Before you open an account, inquire as to what kind of coverage you have for the holdings in that account. If you already have an account, contact your financial institution to learn more. Note that insurance coverage is not a guarantee of the value of your investments, but rather coverage in the case that your financial institution becomes insolvent.
Learn more about what happens if your financial institution goes bankrupt.