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01-03-2021, 06:30 AM
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#1
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Recycles dryer sheets
Join Date: May 2009
Location: Tampa
Posts: 179
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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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01-03-2021, 06:57 AM
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#2
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jun 2003
Location: Florida's First Coast
Posts: 6,597
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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
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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01-03-2021, 07:23 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: dubuque
Posts: 1,084
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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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01-03-2021, 07:41 AM
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#4
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Recycles dryer sheets
Join Date: May 2009
Location: Tampa
Posts: 179
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 Quote:
Originally Posted by frank
interested to see comments on this annuity. can you draw the interest from an annuity without penalty?
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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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01-03-2021, 07:53 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: dubuque
Posts: 1,084
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10% of what? sorry for all the questions, but I know nothing about annuities.
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01-03-2021, 07:58 AM
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#6
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 33,553
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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.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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01-03-2021, 08:05 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 33,553
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Quote:
Originally Posted by ShokWaveRider
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.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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01-03-2021, 08:13 AM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 33,553
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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.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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01-03-2021, 08:15 AM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 6,597
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Quote:
Originally Posted by pb4uski
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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I did see that, but they are still 7 year Annuities. It does give someone who remembers an out.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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01-03-2021, 08:20 AM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 33,553
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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.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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01-03-2021, 08:35 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: dubuque
Posts: 1,084
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where do you find out if your state has the backup insurance on annuities?
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01-03-2021, 08:52 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: dubuque
Posts: 1,084
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found it. thanks
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01-03-2021, 03:40 PM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 7,435
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Quote:
Originally Posted by ShokWaveRider
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.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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01-03-2021, 03:49 PM
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#14
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 6,597
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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.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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01-03-2021, 04:08 PM
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#15
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 7,435
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B++ at AM BEST
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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01-03-2021, 04:18 PM
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#16
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 6,597
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Quote:
Originally Posted by jazz4cash
B++ at AM BEST
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That counts me out then. I would want A or higher.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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