Guaranteed interest annuities (GIAs) work similarly to GICs, but are life insurance contracts. Generally, notice is provided when your contract is close to its maturity. This is to provide the opportunity for reviewing available options and deciding how to proceed going forward, either by renewing your contract under existing terms (if possible) or different terms, or by redeeming the matured amount.
To learn about what to consider when buying GIAs or other investment products visit GetSmarterAboutMoney.ca. Speak with a registered financial representative or tax professional for advice to fit your personal situation.