Canvas Annuity (Puritan Life) MYGA 3-Year Review (2026)
Quick take: Canvas Annuity Puritan Life MYGA 3-year pays ~5.90% APY — among the highest A-rated 3-year MYGA rates available via direct-to-consumer Canvas platform. Strong yield for the credit tier.
TL;DR — Canvas/Puritan 3-Year
- 3-year rate: ~5.90% APY (June 2026)
- AM Best: A- (Excellent)
- Surrender period: 3 years declining
- Distribution: Canvas Annuity (direct-to-consumer platform)
- Vs 7-year sibling: -30 bps (Canvas/Puritan 7 at ~6.20%)
- Best for: Yield-focused buyers wanting A-rated short-duration MYGA via direct platform
- Verdict: Top-of-market A-rated 3-year. Hard to beat at this credit tier.
Live Rate Snapshot — June 2026
| Term | APY |
|---|---|
| 3-year | ~5.90% |
| 5-year | ~6.00% |
| 7-year | ~6.20% |
Term-specific mechanics — 3-year contract
Surrender schedule (3-year)
| Year | Surrender Charge |
|---|---|
| 1 | 9% |
| 2 | 8% |
| 3 | 7% |
| 4+ | 0% |
Free withdrawal
10% per contract year. RMDs penalty-free.
MVA
Two-way MVA above the 10% free band.
Minimum guaranteed rate
Typical 1.00–3.00%.
Why the 3-year version vs other Canvas/Puritan terms
- 3-year vs 5-year: -10 bps. Tiny gap; most buyers should take the 5-year if they can hold.
- 3-year vs 7-year: -30 bps. Real but modest premium for 4 more years of lock.
- Pick the 3-year if: you specifically want max optionality at year 3.
What we like
- Top-of-market A-rated 3-year yield. 5.90% beats Aspida (~5.40%), Oceanview (~5.30%), AmFirst Waypoint (~5.20%), Sagicor (~4.80%).
- A- AM Best rating. Investment-grade Excellent.
- Direct-to-consumer Canvas platform. Cleaner application, often faster funding.
- Standard MYGA mechanics. No riders, no benefit base.
- 10% free withdrawal. Standard liquidity.
What we don't
- Only 10 bps premium on the 5-year. Most buyers should take the 5-year sibling.
- Direct-to-consumer can mean no advisor support. Canvas is a self-serve platform; no broker hand-holding.
- Limited renewal-rate disclosure on Puritan Life.
Who this 3-year version is best for
Persona: Self-directed buyer placing $25K–$100K who wants max A-rated 3-year yield with a direct-platform buying experience. Often: financially literate retiree, comfortable buying without an advisor.
Not a fit: Buyers who want broker support (use a broker-channel A- 3-year like Aspida). Buyers who can hold 5+ years (sibling 5 and 7 year pay more).
vs other Canvas/Puritan terms (sibling pages)
vs competitor 3-year MYGAs
| Product | AM Best | 3-yr APY | Notes |
|---|---|---|---|
| Canvas/Puritan 3 | A- | ~5.90% | This product (yield leader) |
| Aspida Synergy Choice 3 | A- | ~5.40% | Broker-channel A- |
| Oceanview Harbourview 3 | A- | ~5.30% | Established A- |
| Sagicor Milestone Max 3 | A- | ~4.80% | Conservative A- |
| Ohio State Life Nex 3 | B+ | ~5.75% | Weaker credit, comparable yield |
Scoring frameworks
DBQS
Full accumulation at death. DBQS: 8/10.
IQS
No income rider. IQS: 3/10.
GPS
Top-of-market A-rated 3-year yield. GPS: 8/10.
Goldstein Complexity Index
A core part of every Goldstein review. The more complex an annuity, the worse the rating in this dimension — because complexity is where buyers get burned. Simple products (SPIAs, MYGAs) score low; products with stacked bonuses + income riders + MVA + multiple crediting strategies score high.
This product's score: 30/100 — Grade A (Simple)
Pure-vanilla 3-year MYGA. Simple mechanics. Direct platform requires self-direction.
Score breakdown
| Dimension | Score | What this measures |
|---|---|---|
| Riders | 1/10 | No optional riders. |
| Crediting strategies | 1/10 | Single fixed rate. |
| Surrender complexity | 3/10 | Standard 3-year declining + MVA. |
| Benefit-base separation | 1/10 | Single accumulation value. |
| Direct-platform clarity | 4/10 | Canvas is direct-to-consumer; no advisor in the middle. Buyer must self-direct. |
How to read this
- A+/A (0–40): You can understand what you bought. Low risk of mis-selling.
- B (41–60): Read the contract carefully and get a second-opinion review before signing.
- C (61–80): Many buyers don't fully understand what they own.
- D (81–100): Demands an independent producer second opinion before signing.
Frequently Asked Questions
Sources cited
- AnnuityRateWatch broker-channel synthesis, June 2026
- Annuity.org MYGA leaderboards
- AnnuityAdvantage rate listings
- Canvas Annuity platform
- NOLHGA state guaranty coverage
Related Goldstein research
- Parent: Canvas/Puritan MYGA
- Sibling: Canvas/Puritan 7-Year
- Why 5-to-7 Year MYGA Is Best
- Best MYGA Rates 2026
- Renewal Rate Integrity
- DBQS Framework
Bottom line
The Canvas/Puritan 3-year at ~5.90% leads the A-rated 3-year MYGA pack. For self-directed buyers comfortable with direct-platform purchasing, this is hard to beat at the credit tier. The 5-year sibling pays only 10 bps more — if you can hold 5 years, that's the better pick.
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Disclosure
This review reflects publicly available product materials and approximate rates as of the date stated above. Annuity rates, caps, participation rates, payout factors, and crediting methods change frequently — typically monthly. Always confirm current values against the most recent carrier disclosure document and the actual contract before purchasing. This article is general information for educational purposes; it is not a personalized recommendation, solicitation, or offer of any specific product. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) appointed with multiple A-rated carriers; the producer's specific appointment status with the carrier discussed in this review may vary, and this review is not an endorsement or representation of carrier appointment. No compensation has been received from any carrier in connection with the publication of this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity. Past index performance does not predict future credited interest. Annuities are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change.