Canvas Annuity
Key Company Metrics
AM Best Rating: B++ (Good)
Years in Business: 67 Years
Direct Premiums Sold: $412.4 million
Product Availability: Deferred annuities
Canvas Annuity Product Types & Features
Canvas offers a simple lineup of two single premium deferred annuities (SPDAs). While the products share many features, they are designed with different goals in mind: one prioritizing strong rates and growth potential, and the other offering greater access to funds when needed.
Future Fund℠ Deferred Annuity
The Future Fund℠ annuity is built for maximum earning potential. As of June 2024, it offers competitive rates — all above 6% — on contract terms of three, five, or seven years.
The product also includes terminal illness and nursing home waivers, giving policyholders flexibility in case of unexpected health events. If you pass away during the contract term, the annuity’s accumulation value is paid to your beneficiary.
Who It Works Best For: Allison, 63, wants to lock in a strong, predictable return for part of her savings. The Future Fund℠ provides her with guaranteed growth and health-related protections while still leaving a legacy for her family.
Flex Fund℠ Deferred Annuity
The Flex Fund℠ prioritizes liquidity. While its credited rates are lower than the Future Fund℠, it stands out by offering the ability to withdraw your initial premium at any time. This makes it a good option for customers who want flexibility without giving up all the benefits of a fixed contract.
Like the Future Fund℠, the Flex Fund℠ includes standard waivers for terminal illness and nursing home stays, along with beneficiary protections.
Who It Works Best For: Daniel, 66, likes the security of a fixed contract but doesn’t want his money tied up long term. The Flex Fund℠ gives him peace of mind by allowing him to get back his original premium if circumstances change.
Side-by-Side Comparison of Canvas Annuities
| Feature | Future Fund℠ | Flex Fund℠ |
|---|---|---|
| Type | Single Premium Deferred Annuity | Single Premium Deferred Annuity |
| Terms | 3, 5, 7 years | 3, 5, 7 years |
| Rates (as of June 2024) | 6%+ | Lower than Future Fund℠ |
| Liquidity | Nursing home & terminal illness waivers; payout to beneficiary | Return of initial premium any time; nursing home & terminal illness waivers |
| Best Fit | Savers wanting strong guaranteed growth | Savers wanting more flexibility and access |
- If you want to maximize growth with higher credited rates, consider the Future Fund℠.
- If you want greater access to your money during the contract, consider the Flex Fund℠.
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Canvas Annuity Rates
While our tool doesn’t provide access to Canvas’s live rates, the company is known for offering competitive fixed rates that generally fall in the 5% to 6% range. Canvas operates as a fully online service, allowing customers to compare options and manage their annuity digitally. This approach offers a straightforward way to begin exploring how to turn savings into retirement income.
Customer Satisfaction and Complaint History
Canvas Annuity is a newer entrant in the annuity market, which means there is less publicly available customer satisfaction data compared to larger, more established providers.
The company has not appeared in recent editions of the J.D. Power Overall Customer Satisfaction Index for annuity companies. This is not unusual, since that study typically focuses on the industry’s largest providers.
Canvas Annuities are issued by Puritan Life, the parent company. Puritan Life currently holds a strong NAIC Complaint Index Score, which indicates that the company has received fewer customer complaints than expected for its size and market share.
The NAIC (National Association of Insurance Commissioners) tracks consumer complaints submitted to state insurance commissions each year. These reports are used to compile a company’s NAIC Complaint IndexNAIC Complaint IndexDetermined by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market..
NAIC Complaint Index for Canvas Annuity
| Individual Annuities Only | 0 |
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Manage Your Canvas Annuity Online
Canvas Annuity provides a secure online portal where you can view your contract details, track performance, and manage your annuity anytime. Logging in is the fastest way to stay on top of your policy and keep your retirement strategy moving forward.
Log into your provider account or connect with customer service at 866-504-0395.
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