These should be the best years of your life, and we know that money is not something you want to sweat about. So, we built Canvas Flex Fund 5 Fixed Annuity because we believe in the power of annuities. We saw the opportunity to give annuities a fresh start by creating products designed for real people and using technology to help you benefit from them yourself. Canvas is making earning for tomorrow simple and stress-free because we believe it’s time for you to stop worrying and start earning.
Benefits of the Flex Fund
- Grow your money as fast as possible
- Zero account charges or fees
- Your interest stays the same for the term you choose
- 24/7 access to your information online
- 30-day money-back guarantee, no questions asked
Benefits of Tax Deferral
Tax deferral is one of an annuity’s greatest benefits. When you purchase an annuity from Canvas, you will receive the benefit of compounding interest without having to pay federal or state taxes on the gains until you withdraw your money. This tax deferral is even more beneficial if you are in a lower tax bracket when you make a withdrawal – as many expect it to be when they retire.
The interest rate you receive when you purchase your annuity is guaranteed for the length of your contract: 3, 5, or 7 years. At the end of the guarantee period on the 3- and 5-year contracts, you will have a 30-day window to withdraw your money without surrender charges. If you decide not to make an election, you will automatically roll into an additional 3- or 5-year rate guarantee period with a new rate and surrender charges. This rate will never be less than the minimum guarantee rate listed on your schedule page.
CHOOSE YOUR GUARANTEED INTEREST RATE PERIOD
- Canvas Flex Fund 3-Year Annuity: 4.00%
- Canvas Flex Fund 5-Year Annuity: 4.00%
- Canvas FlexFund 7-Year Annuity: 4.00%
Your Money Belongs To You
The Canvas Flex Fund has several built-in features that allow you access to your funds when you need them. But, most importantly, if you want your money back for any reason at all, call! We will refund your entire premium, no questions asked.
Also, our Waiver of Surrender Charges Rider allows you to access your funds without paying surrender charges if you have a qualifying chronic or terminal illness or are confined to a nursing home. In the unfortunate event you pass away during your contract term, the Accumulation Value of your annuity will be paid to your beneficiary. No surrender charges will be assessed, and your beneficiary does not need to wait until the end of the contract term to have access to the money. You also have the option to withdraw 10% of the Accumulation Value of your annuity annually without paying surrender charges.
Easy Online Application Process
You can apply online at www.canvasannuity.com today, in as little as ten minutes, funding and signing included! So apply today and become part of the Canvas family. Underwritten by Puritan Life Insurance Company of America.
Leaving your money in your contract for the entire contract term means you will receive the best crediting rate we offer. However, sometimes unexpected things may happen that cause you to need access to your money. If you choose to withdraw any amount over the Penalty-Free Withdrawal amount, you will be subject to a surrender charge calculated based on the policy year and the rate guarantee period you choose.
If you choose to fully surrender your contract at any time, you will always receive back at least your initial single premium less any prior withdrawals.
Surrender Charge Schedule
- Year 1: 9%
- Year 2: 8%
- Year 3: 7%
- Year 4: 6%
- Year 5: 5%
- 30-Day Window to leave without penalties at the end of year 5. A second 5-year period will start if you decide to stay.
- Year 6: 5%
- Year 7: 4%
- Year 8: 3%
- Year 9: 2%
- Year 10:1%
- Year 11+: 0%
Retirement Income Planning
If you’re spending the interest from a CD or a fixed annuity to supplement your retirement income, consider a deferred annuity with a lifetime income rider. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.
*Disclosure: Some of the links in this article may be affiliate links. This means that if you purchase a policy, I may receive a commission at no cost to you.