The $500k cap is not a problem for me. But if it was super safe why wouldn't you stay in Kiwibonds (currently 4.25%). I would guess if financial markets seize up then there would not be much of a secondary market to sell your bonds to make cash available, but if everything was turning to custard interest rates would be dropping and your kiwibond would become more valuable. Adrian can always print more money to roll them over when they mature. I will have to stop now as I do not really know what I am talking about.
Regarding me and gold, it is just a faith based speculation, central banks hold it and treat it as currency (that is why it is exempt from GST). It is the only currency that didn't double in quantity (for this reason, in theory it should become more valuable when compared with other currencies) over the pandemic panic. I am pumping it as I am speculating on gold producers and currently have some losses which might not be so bad after today. If Powell drops interest rates tomorrow I might even be in the green.
If I was really worried perhaps I should take my own advice. Whether 12months 2yrs or 4yrs it is all 4.25%. The next step I guess is to find out when the next lot goes out and if there is a secondary market for them.