CDIC — the Canada Deposit Insurance Corporation — protects eligible deposits at member institutions if that institution fails. That is important peace of mind.
It does not mean your rate was a good choice. It does not protect you from inflation. It does not cancel charges if you cash out a GIC early.
What to check
Is the issuer a CDIC member? Is your savings account or GIC an eligible product? How do joint or registered accounts affect the limit in your case?
People often talk about cover around $100,000 per insured category at each member. Check the current rules. If you hold more than that in one place, consider spreading the money across separate members.
Then compare the product itself
Among covered options, still compare the term, whether you can get money out early, and the rate. Protection is the starting check, not the whole decision.