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Canvas annunities online
Old 01-03-2021, 07:30 AM   #1
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Canvas annunities online

Good morning, Has anyone used this company to buy fixed annuities? Looks like they go thru company called an insurance company called Puritan . They are licensed in my state and my state backs up annuities up to $250k. I have some CD's coming due and bank rates are terrible



The rates are great (all considering) I believe they are not commission heavy so the rates are better.


Thanks
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Old 01-03-2021, 07:57 AM   #2
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The 3 Year version is only a 3 Year Guarantee of return, it is really a 7 year annuity. Take a look at surrender fees. Seems like the 7 year is the only one that is what it is.

Here is the URL for those who would like to look:

https://canvasannuity.com/#/product
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Old 01-03-2021, 08:23 AM   #3
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interested to see comments on this annuity. can you draw the interest from an annuity without penalty?
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Old 01-03-2021, 08:41 AM   #4
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interested to see comments on this annuity. can you draw the interest from an annuity without penalty?

looks like 10% per year. I filled out application online. It is a Puritan Life Insurance Company of America item.


Im ok with 7 years. This is my conservative money and my bank has annuities 7 years at 2.2% right now.
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Old 01-03-2021, 08:53 AM   #5
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10% of what? sorry for all the questions, but I know nothing about annuities.
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Old 01-03-2021, 08:58 AM   #6
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10% of the account value, doesn't matter if interest or principal. Just be aware that any withdrawals are interest first and then principal for tax purposes.
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Old 01-03-2021, 09:05 AM   #7
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Originally Posted by ShokWaveRider View Post
The 3 Year version is only a 3 Year Guarantee of return, it is really a 7 year annuity. Take a look at surrender fees. Seems like the 7 year is the only one that is what it is.

Here is the URL for those who would like to look:

https://canvasannuity.com/#/product
There is a 30-day window at the end of the guaranteed interest term for withdrawal without surrender penalties... see the little asterik.
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Old 01-03-2021, 09:13 AM   #8
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B++ by A.M. Best.... not so good but probably at least in part because they are a tiny, tiny company... only $23m of surplus and less than $200m of admitted assets... at that small size it doesn't take much of a calamity to end up in receivership.
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Old 01-03-2021, 09:15 AM   #9
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There is a 30-day window at the end of the guaranteed interest term for withdrawal without surrender penalties... see the little asterik.
I did see that, but they are still 7 year Annuities. It does give someone who remembers an out.
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Old 01-03-2021, 09:20 AM   #10
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I don't understand why anyone would buy the 5-year given it's onerous surrender penalty schedule compared to the 3 and 7 year.
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Old 01-03-2021, 09:35 AM   #11
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where do you find out if your state has the backup insurance on annuities?
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Old 01-03-2021, 09:52 AM   #12
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found it. thanks
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Old 01-03-2021, 04:40 PM   #13
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Quote:
Originally Posted by ShokWaveRider View Post
The 3 Year version is only a 3 Year Guarantee of return, it is really a 7 year annuity. Take a look at surrender fees. Seems like the 7 year is the only one that is what it is.

Here is the URL for those who would like to look:

https://canvasannuity.com/#/product
I don't understand. I don't see this info. I found this outfit a couple of weeks ago before I chose an Annuity Broker (Blueprint Income). Canvas is a direct distributor for Puritan Life so they don't have to pay a commission to a broker and the rates look very good to me. Another direct distributor is Gainbridge on behalf of Guggenheim but Guggenheim also distributes through brokers like Blueprint. immediateannuities.com. and Stan the Annuity Man.

If the surrender charges are an issue they have a product called Flex Fund that "costs" 25-40 bp that allows you to withdraw your entire principal at any time.

The only reason I might not use them is they don't take IRA funds. I am fine with the rating since I would not be putting much money there.
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Old 01-03-2021, 04:49 PM   #14
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As far as Annuities go, it almost seems too good to be true, as long as you keep on top of them and the rules they post have no gotchas. And you know what they say about that.

Anyone know what the rating of the insurance company they use is? I did not look them up.
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Old 01-03-2021, 05:08 PM   #15
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B++ at AM BEST
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Old 01-03-2021, 05:18 PM   #16
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B++ at AM BEST
That counts me out then. I would want A or higher.
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