Canvas / Puritan Life Canvas Future Fund 5 (w/ liquidity)
Product Overview
Basic Features
| Feature | Details |
|---|---|
| Product Name | Canvas / Puritan Life Canvas Future Fund 5 (w/ liquidity) |
| Insurer | Canvas / Puritan Life Insurance Company of America |
| Ratings |
|
| Agent/Broker | PlanEasy Inc. |
| Annuity Type | Multi-Year Guaranteed Annuity (MYGA) |
| Term | 5 Years |
| Current Rate for $2,000 - $1,000,000 | 6.15% |
| Last Rate Change | 1/28/2025, +15bps |
| Interest Type | Compound Interest |
| State Availability | AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NH, NM, NV, OH, OK, OR, PA, RI, SD, TN, TX, UT, WA, WI, WV, WY |
| Free Withdrawals |
|
| Free RMDs | Yes |
| Death Benefit | Yes |
| MVA | No |
| Nursing Home Waiver | Yes |
| Terminal Illness Waiver | Yes |
| Surrender Charge by Year | 9.0%, 8.0%, 7.0%, 6.0%, 5.0% |
| Funding Sources | Personal Investment, Cash, Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA |
| Terms Available | 3, 5, 7 Years |
| Age Restrictions | 0 to 90 Years Old |
Quick Summary
The Canvas / Puritan Life Canvas Future Fund 5 (w/ liquidity) is a 5-year Multi-Year Guaranteed Annuity (MYGA) issued by Canvas / Puritan Life Insurance Company of America and sold through PlanEasy Inc., a national online annuity agency.Earn a guaranteed compound interest rate on this fixed annuity:
- 6.15% for $2,000 - $1,000,000
Key Details
- Ratings: Canvas / Puritan Life Insurance Company of America is rated B++ by A.M. Best.
- Guaranteed Rates: 6.15% for premiums of $2,000 - $1,000,000. This fixed guaranteed rate ensures predictable tax-deferred growth, making it an excellent alternative to bank CDs.
- Term: The interest rate is guaranteed for 5 years with a surrender charge schedule of the same duration.
- Free Withdrawals: Yes, there is liquidity as the product allows for 10% in year 1 and 10% in year 2+ that do not incur any surrender charges.
- RMDs: Yes, RMDs can be taken out without penalty.
- Age Eligibility: Available for owners between 0 to 90 years old.
- Minimum Premium: Investors can contribute a minimum of $2,000
- Death Benefit: Yes, the product has a traditional death benefit of the annuity's accumulation value, available to the beneficiary with no surrender charges.
- Market Value Adjustment (MVA): No, there is no MVA.
- Nursing Home Waiver: Yes, if the owner is confined to a nursing home per the definition in the contract, surrender charges and MVAs are waived.
- Terminal Illness Waiver: Yes, if the owner is terminally ill as defined in the contract, surrender charges and MVAs are waived.
Current & Historical 5-Year Rates
| Premium Band | Effective Date | Guaranteed 5-Year Yield to Surrender |
|---|---|---|
| $2,000 - $1,000,000 | 1/28/2025 | 6.15% |
| 11/1/2024 | 6.00% | |
| 10/1/2024 | 6.25% | |
| 6/1/2024 | 6.35% |
Available Terms & Current Rates
| Premium Band | Term | Guaranteed Yield to Surrender |
|---|---|---|
| $2,000 - $1,000,000 | 3 | 6.00% |
| 5 | 6.15% | |
| 7 | 6.20% |