Canvas Annuities: Are They Right for Your Retirement?

If you’re researching fixed annuities, you may have come across Canvas Insurance Agency and its annuity products. Before purchasing any annuity, it’s important to understand how these products work and whether they fit your retirement goals.

At Mintco Financial, we help clients compare annuities from multiple insurance companies—not just one carrier—so you can make an informed decision based on your financial objectives.

What Is Canvas Insurance Agency?

Canvas Insurance Agency is a licensed insurance agency that markets annuity products issued by Puritan Life Insurance Company of America. Canvas focuses on helping consumers purchase fixed annuities online while providing educational information about retirement income solutions.

Because Canvas is an insurance agency rather than the insurance company itself, the annuity contract is issued and backed by Puritan Life Insurance Company.

Canvas Annuity Products

Canvas currently offers two primary annuity products:

Future Fund

• Multi-Year Guaranteed Annuity (MYGA)
• Single premium fixed annuity
• Guaranteed interest rate for the selected term
• Tax-deferred growth
• Up to 10% annual penalty-free withdrawals (subject to contract terms)

Forever Fund

• Single Premium Immediate Annuity (SPIA)
• Provides guaranteed income payments
• Designed for retirees seeking predictable income
• Cannot be surrendered once issued

What Is a MYGA?

A Multi-Year Guaranteed Annuity (MYGA) is similar to a certificate of deposit (CD), but it is issued by an insurance company rather than a bank. MYGAs offer:

• Guaranteed interest rates
• Protection from stock market losses
• Tax-deferred growth
• Fixed terms such as 3, 5, 7, or 10 years

Potential Benefits of Canvas Annuities

• Guaranteed fixed interest rates.
• No direct stock market risk.
• Tax-deferred growth.
• Simple online application process.
• Designed for conservative retirement investors.

Things to Consider Before Purchasing

Every annuity is different. Before purchasing any annuity, it’s important to review:

• Current interest rates.
• Surrender charge schedules.
• Liquidity options.
• Financial strength of the issuing insurance company.
• Income needs and retirement goals.

Comparing multiple insurance companies can help ensure you’re selecting a product that aligns with your financial objectives.

Should You Compare Canvas With Other Companies?

Yes.

While Canvas may offer competitive products, interest rates, contract features, and financial strength ratings vary among insurance companies. Comparing several annuity providers can help you determine which option best meets your retirement needs.

An independent annuity broker can review products from multiple insurance companies rather than limiting you to a single carrier.

Frequently Asked Questions

Are Canvas annuities safe?

Canvas markets annuities issued by Puritan Life Insurance Company. Like all insurance products, annuities are backed by the claims-paying ability of the issuing insurance company.

Can I lose money in a Canvas MYGA?

MYGAs are designed to protect your principal from market losses when held according to the contract terms. However, withdrawals exceeding the contract’s free withdrawal provisions or surrendering the contract early may result in surrender charges.

Can I use IRA money?

Yes. Depending on the product, MYGAs may be available for qualified retirement accounts as well as non-qualified funds.

Canvas Insurance Agency is a licensed insurance agency. The annuity products discussed are issued by Puritan Life Insurance Company of America. Product availability, rates, and features vary by state and are subject to change. Mintco Financial is an independent insurance agency and is not affiliated with Canvas Insurance Agency or Puritan Life Insurance Company.