Kind of like making a loan to an insurance company and being paid back, a bullet guaranteed investment contract (GIC) means you make a payment and are reimbursed with interest at a future date.
Meant for the high rollers, it often requires a large investment of over $100,000. You can receive interest payments at regular intervals, or get the entire amount of your investment plus interest in one big lump, usually within three to seven years.
The interest rate might not be the highest around, but chances are the insurance company will not go out of business or find a loophole to not pay you back, making it a very safe investment. So...let it ride, high roller.
