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Canvas Annuities Review


ConsumersAdvocate.org Rating: 4.8 / 5 (Excellent)
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Canvas Annuity is a digital insurance agency that offers fixed annuity products directly to consumers through an online platform. The company aims to simplify the annuity purchasing process by providing a user-friendly interface and eliminating the need for in-person meetings with agents.
 
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How is Canvas rated?

Breakdown

4.5/5
Policy Features
5.0/5
Fees and Commissions
5.0/5
Reputation and Financial Strength

Overall Rating: 4.8 / 5 (Excellent)

Canvas Annuity offers competitive rates and a streamlined online application process, setting it apart from traditional annuity providers. Canvas Annuity distinguishes itself with a quick, entirely online application process, claiming it can be completed in as little as 10 minutes for taxable annuities. This is a notable departure from the typically lengthy processes of most established annuity companies.

Canvas Annuity, owned by Puritan Life Insurance Company, is licensed in 33 states and allows customers to purchase annuity products online starting at $2,500. The company offers a 30-day money-back guarantee and provides access to licensed, non-commissioned agents to answer questions about their products.

Canvas Annuity Features

Policy Features - 4.5 / 5

Canvas Annuity offers two main types of fixed annuity products:

Signature Future Fund: This product focuses on earning potential and offers guaranteed interest rates for set terms.
Flex Fund: This option provides more flexibility, including a return of premium feature that allows consumers to receive their initial premium back at any time during the contract term.

Both products offer guaranteed rate periods of 3, 5, or 7 years.

Canvas Annuity currently offers some of the highest fixed annuity rates in the market:

Future Fund:

6.20% for a 7-year term
6.15% for a 5-year term
6.00% for a 3-year term

Flex Fund:

5.55% for a 7-year term
5.50% for a 5-year term
5.25% for a 3-year term

Penalty-free withdrawals are available under certain conditions, such as terminal illness diagnosis.
Annuity Type
Fixed-traditional

Canvas Fees and Commissions

Fees and Commissions - 5 / 5

Canvas Annuity promotes a no-fee structure:

No broker commissions
No account charges
No annual fees

However, there are surrender charges for early withdrawals, which can last up to 10 years depending on the chosen guaranteed rate period.

Canvas Reputation and Financial Strength

Reputation and Financial Strength - 5 / 5

The company's parent, Puritan Life Insurance Company, holds a B++ rating from AM Best. Canvas Annuity has garnered positive customer feedback. The company currently holds an A+ rating from the Better Business Bureau and a 4.4/5 (Excellent) rating from TrustPilot.
Year Founded
2020
AM Best Financial Rating
B++
BBB Rating
A+
Trust Pilot Rating
4.4 out of 5
Contact Methods
Phone
Email
Chat

Company Profile

Full Name
Canvas Annuities
Company Website
https://canvasannuity.com/

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Our Partner
  • Objective: Maximize earning potential and increase access to funds
  • Flexibility: Flex Fund allows withdrawal of the initial premium at any time
  • Costs: No annual, policy, or commission fees
  • Interest Rate & Terms: Fixed interest rate of 6.20% for their 7-year term annuity
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