Canvas Annuity / Puritan Life MYGA Review (2026)
Quick take: Canvas Annuity is one of the few genuinely direct-to-consumer MYGA platforms in the U.S. market, you buy through the website with no intermediating agent. The underlying carrier is Puritan Life Insurance Company. Canvas's own site showed 6.40% on the 5-year term on September 25, 2026. The model has real advantages (no commission load) and real disadvantages (no agent advocate). Buyer beware on both sides.
| Term / premium band | Rate | Source, as of |
|---|---|---|
| 3-year Future Fund | 6.30% | canvasannuity.com, 9/25/2026 |
| 5-year Future Fund | 6.40% | canvasannuity.com, 9/25/2026 |
| 7-year Future Fund | 6.40% | canvasannuity.com, 9/25/2026 |
| 10-year Future Fund | 6.50% | canvasannuity.com, 9/25/2026 |
$2,000 minimum; 10% free withdrawals from year 1. Puritan Life Insurance Company of America is rated B++ (Good) by AM Best (originally issued 3/1/2018, reaffirmed 2/20/2026, per Canvas's disclosure), not A-. PlanEasy listed lower Canvas rates the same day (6.10% / 6.30% / 6.40% for 3 / 5 / 7 years); the carrier's own site is shown here. Rates change weekly. Other rate figures further down this page are as of June 27, 2026.
TL;DR, Canvas Annuity (Puritan Life) MYGA 5
- Rate (as of June 2026): 6.40% for 5 years (canvasannuity.com, 9/25/2026)
- Underlying carrier: Puritan Life Insurance Company
- AM Best: B++ (Good), reaffirmed 2/20/2026 per Canvas's disclosure
- Distribution model: Direct-to-consumer via canvasannuity.com (no agent involved)
- Pro: No commission load, full premium credited to accumulation value
- Con: No agent advocate at claim time or for life-event changes
- Best for: Self-directed buyers comfortable handling contracts without an intermediary
Rates expire like milk.
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CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Rate Snapshot, June 2026
Per PlanEasy's fixed-annuity rate listings:
| Term | APY | Source |
|---|---|---|
| 5-year (Canvas / Puritan Life) | 6.10% | PlanEasy |
6.10% at the B tier is competitive, roughly 45 bps above A-rated 5-year peers. Part of the rate premium reflects the credit step-down; part reflects the no-commission economics (typical broker-channel commissions on a 5-year MYGA are 1.5-2.5% of premium, and a direct-to-consumer model can return some of that to the buyer as yield).
Carrier financial strength, the Canvas vs Puritan distinction
The same carrier-vs-platform pattern that applies to NexAnnuity applies here. Canvas Annuity is not an insurance carrier. Canvas Annuity (canvasannuity.com) is a fintech-style direct-to-consumer distribution platform. Puritan Life Insurance Company (puritanlifeinsurance.com) is the underlying carrier and the entity whose AM Best rating backs your guarantee.
What this means in practice:
- Your contract is with Puritan Life Insurance Company. Your claim, in any scenario, is against Puritan and is subject to your state's guaranty-association coverage.
- The AM Best rating that matters is Puritan's. Per public records, Puritan carries a B rating in the AM Best framework, this is the lower end of investment grade and warrants verification.
- Canvas Annuity is the buying experience. Modern web interface, self-service quoting, self-service application.
Honest caveat on the direct-to-consumer model:
- Pro: no commission load. The 1.5-2.5% broker commission embedded in agent-distributed MYGAs is reduced or eliminated, which is part of why the headline rate is competitive.
- Pro: faster transactions. Self-service quoting and application can compress the buy process from days to hours.
- Con: no agent advocate. When a life event happens (spouse dies, beneficiary needs to change, RMD calculation needs verification, 1035-exchange decision needs analysis), you're calling carrier customer service directly. There's no broker pushing on your behalf.
- Con: no second-opinion conversation built in. A good independent broker would walk you through whether this product fits your situation. The direct model puts the burden of due diligence entirely on you.
- Con: confusion about who to call. Buyers sometimes confuse Canvas (platform) with Puritan (carrier) when service issues arise.
Product mechanics
Surrender schedule (5-year)
Standard 5-year declining surrender schedule. Industry pattern: approximately 9% / 8% / 7% / 6% / 5% / 0%. Confirm specifics on the Puritan Life contract form via the Canvas Annuity application flow.
Free withdrawal terms
10% of accumulation value per contract year after year 1 (industry standard). Confirm on the specific contract form.
Market Value Adjustment (MVA)
Typical MYGA structure includes MVA on early surrender above the 10% free band. Two-way MVA. Does not apply to penalty-free withdrawals, RMDs, or death benefit.
Minimum guaranteed rate
Typical B-tier MYGA floor is 1.00-2.00%. Confirm on the contract form.
Premium minimum
Canvas Annuity's web flow typically accepts $10,000 minimum for the Puritan Life MYGA 5. Confirm current minimum on the Canvas Annuity website on the day of application.
Death benefit
Full accumulation value at death of owner during the guarantee period.
All Term Variants, Canvas Future Fund by Puritan Life (Updated June 28, 2026)
Canvas Annuity (issued by Puritan Life Insurance Company of America, AM Best B++) sells the Canvas Future Fund MYGA in three guarantee periods, all available direct-to-consumer through canvasannuity.com with a uniquely low $2,000 minimum:
| Term | APY (as of June 2026) | Premium minimum | Best for |
|---|---|---|---|
| 3-year | ~5.90% | $2,000 | Online-first buyers, micro-ticket diversification, IRA reladdering windows |
| 5-year (this review) | ~6.00% | $2,000 | Balanced rate/liquidity sweet spot; ~50 bps premium over A-rated 5-year peers |
| 7-year | ~6.10% | $2,000 | Pre-retiree income runway; only 10 bps pickup over 5-year, rarely worth the extra surrender years |
Term selection guide: Canvas's rate curve is unusually flat: you're picking up just 10 bps for each additional 2 years of lock. That argues for the 3-year as the cleanest expression of the product unless you specifically value the longer guarantee for tax-deferral planning. The direct-to-consumer model (online application, no agent required) is the real differentiator here, not the rate: broker-sold peers such as Aspida may pay more if you're willing to go through a broker. (Atlantic Coast Life, once named here, was cut to C+ (Marginal) by AM Best on September 22, 2026 (AM Best press release, 9/22/2026).) The $2,000 minimum makes Canvas one of the only credible places to test-drive a MYGA before committing larger balances; ladder a $2,000 Canvas 3-year alongside a larger A-rated 5-year and compare the renewal posture in 2029.
Sources: PlanEasy (planeasy.com/fixed-annuity-rates/canvas/), Annuity.org provider profile (annuity.org/annuities/providers/canvas-annuity/), Puritan Life product page (puritanlifeinsurance.com/myga), canvasannuity.com current rates. Rates verified June 28, 2026; subject to change.
What we like
- Genuine direct-to-consumer model. Rare in the MYGA market, most products are agent-distributed.
- Competitive 6.10% APY. The rate premium over A-rated 5-year MYGAs partially reflects the elimination of commission load.
- Modern buying experience. Web-based quoting and application; no PDF-shuffling.
- Transparent pricing. The no-commission model removes a layer of obfuscation that many buyers find frustrating in agent-distributed products.
- Standard MYGA mechanics. Single rate, declining surrender, two-way MVA, nothing exotic.
What we don't
- No agent advocate. Real cost. At claim time, beneficiary change, or any complex life event, you're dealing with carrier customer service alone.
- B AM Best rating. Lower-end investment grade. Warrants state-guaranty sizing discipline.
- Smaller carrier (Puritan Life). Less mainstream coverage than Athene, F&G, or new-entrant A- carriers.
- Carrier-vs-platform confusion. Same risk as NexAnnuity, buyers must understand Canvas is the platform and Puritan is the carrier.
- No built-in second-opinion conversation. The direct model means no broker is checking whether the product actually fits your situation.
- Limited public data on the direct-to-consumer experience. Service-quality grading is hard without buyer cohort data at scale.
Who this is best for
Persona: A self-directed retail investor or DIY retiree, comfortable researching annuity contracts independently, who has already concluded a MYGA is the right product for a specific allocation, understands the carrier-vs-platform distinction, and explicitly wants to avoid commission load. Typically someone who has bought brokerage CDs, Treasury bills, or no-load mutual funds without an intermediary in the past.
Not a fit: Buyers who want an advocate at claim time or for life events. Buyers who haven't independently concluded a MYGA fits their situation. Buyers who would benefit from a second-opinion conversation about product fit. Buyers placing more than the state guaranty limit in a single carrier. Buyers uncomfortable working through contract documents without help.
vs. competitor table (5-year MYGAs)
| Product | AM Best | 5-yr APY | Distribution |
|---|---|---|---|
| Canvas / Puritan Life MYGA 5 | B++ | 6.40% | Direct-to-consumer |
| Gisco Financial DTC MYGA | B++ | ~5.90% | Direct-to-consumer |
| Gainbridge ParityFlex (DTC) | A- | ~5.60% | Direct-to-consumer |
| Aspida Synergy Choice 5 | A- | ~5.65% | Broker-distributed |
| American Life Classic 5 | B++ | ~5.58% | Broker-distributed |
Comparison rates approximate, per PlanEasy, AnnuityAdvantage, and direct-carrier websites June 2026. Direct-to-consumer MYGA platforms include Canvas, Gainbridge, and a handful of others, the segment is small but growing.
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 (confusing riders, hidden fee structures, surrender penalties that surprise people, benefit bases mistaken for cash). Simple products (SPIAs, MYGAs) score low; products with stacked bonuses + income riders + MVA + multiple crediting strategies score high.
This product's score: 40/100, Grade A/B Borderline
Product mechanics are standard MYGA. The complexity here is structural: the direct-to-consumer model shifts due-diligence burden entirely to the buyer, and the Canvas vs Puritan distinction is a frequent source of confusion. Self-directed buyers will find it simple; everyone else will find it under-explained.
Score breakdown
| Dimension | Score (1-10) | What this measures |
|---|---|---|
| Riders | 1/10/10 | No optional riders. |
| Crediting strategies | 1/10/10 | Single fixed rate for the guarantee term. |
| Surrender complexity | 4/10/10 | Standard 5-year declining + MVA. |
| Benefit-base separation | 1/10/10 | Single accumulation value. |
| Carrier/platform clarity + advocacy gap | 8/10/10 | Canvas vs Puritan confusion + absence of agent advocate adds real explanatory burden at claim time or life events. |
How to read this
- A+/A (0-40): You can understand what you bought. Pure MYGA, SPIA, or accumulation FIA. 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. Common mis-selling vectors.
- D (81-100): Demands an independent producer second opinion before signing.
Sources cited in this review
- Canvas Annuity, product platform
- Puritan Life Insurance Company, MYGA product page
- PlanEasy, fixed annuity rates leaderboard
- AM Best, Puritan Life carrier rating lookup
- NOLHGA, state guaranty association coverage
All rate data sourced from third-party aggregators and carrier-direct disclosures as of June 2026. Rates change monthly; reconfirm before purchasing.
Frequently Asked Questions
Related Goldstein research
- Best MYGA Rates 2026: current top-of-market rates across all carriers
- Why a MYGA Is Best for Most Retirees: the case for boring
- Renewal Rate Integrity, Grading Carriers: who keeps in-force rates competitive
- 1-Year MYGA vs CD, 1035 Exchange Flexibility
- CD vs MYGA Comparison
- AM Best Ratings Explained for Annuity Buyers
My take
Canvas Annuity / Puritan Life MYGA at 6.40% on the 5-year (September 25, 2026) is a competitive direct-to-consumer offering with real trade-offs. The no-commission economics produce a meaningful yield bump (~45 bps over A-rated agent-distributed peers), but the absence of an agent advocate is a real ongoing cost at claim time and during life events. The B++ AM Best rating is below the A range and warrants state-guaranty sizing discipline. For self-directed buyers who explicitly want to avoid commission load and are comfortable owning the full due-diligence burden, this is a legitimate choice. For most buyers, an agent-distributed 5-year MYGA from an A-rated carrier remains the cleaner play (A-rated 5-year MYGAs paid about 5.50% to 6.05% on October 14, 2026, per public carrier rate sheets).
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review reflects publicly available product materials, third-party rate aggregators (Annuity.org, AnnuityAdvantage, AnnuityEducator, PlanEasy, ImmediateAnnuities.com), and carrier filings as of the date stated above. Annuity rates, surrender schedules, free-withdrawal terms, MVA factors, and minimum guaranteed rates change often, sometimes monthly or when a contract is refiled. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any 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 of carrier appointment. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity. AM Best, S&P, Moody's, Fitch, and KBRA ratings are subject to change; lower-rated carriers (B/B+/B++) carry higher counter-party risk and may be supported in part by state guaranty associations, but coverage limits vary by state and are not a substitute for carrier financial strength.