You won't lose much, but saying you won't lose a cent goes too far.  If it takes the CDIC a week to pay out, you lose interest for that week, and longer if you procrastinate and don't reinvest it immediately.  And while past interest may be fully insured, future interest is not, so you might find yourself having to accept much less than 3.1% for the balance of the term.  You are better off taking 2% for five years now than 3.1% for a year and 1.5% for the next four, plus the uncertainty of not knowing what interest rate you might get if the CDIC does step in.