Canvas Introduces Direct-to-Consumer Annuity Options Online

PHOENIX, Sept. 8, 2020 /PRNewswire/ -- Canvas, a Phoenix-based insurance agency owned by Puritan Life Insurance Company of America (Puritan), is one of the first companies in the United States to launch fixed annuity options sold completely online, without commissioned sales agents.

The Signature Future Fund and Flex Fund annuities from Canvas are sold directly to consumers and guarantee locked-in interest rates of up to 3.5% for people saving for retirement. The Flex Fund allows for maximum flexibility with a return of premium feature that allows consumers to receive their initial premium back at any time during the contract term.

"Savings accounts and bank CDs generally provide low rates of return and investing in the stock market can leave you vulnerable to market volatility," says Dierdre Woodruff, a Canvas senior vice president. "Our commission-free, easy-to-understand Canvas annuities provide guaranteed rates and flexible terms to help your retirement savings grow quickly and safely."

A simple and secure application process takes only 10 minutes online. Then, it takes about four business days for Puritan to review the application and issue the policy.

The annuities grow tax deferred and provide guaranteed and predictable income. With the direct sales model from Canvas, consumers pay zero annual, policy or commission fees for the annuities.

A convenient, online Canvas Customer Portal provides policy holders with 24-hour access to watch their balances grow and update their accounts.

Annuities can be purchased starting with just $2,500. Licensed, non-commissioned agents are available to answer questions about the annuities online or by phone. Canvas provides all customers with a 30-day money back guarantee.

Policies sold by Canvas Insurance Agency LLC are issued by Puritan Life Insurance Company of America, Scottsdale, Arizona. Annuity contracts contain limitations. Interest rates are subject to change at the discretion of Puritan Life.

Canvas is licensed in 33 states, including Alabama, Arizona, Arkansas, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Washington, West Virginia, Wisconsin, Wyoming.

ABOUT CANVASCanvas is a proud affiliate of Puritan Life and is the exclusive distributor of its Signature Future Fund and Flex Fund Canvas Annuity. Throughout its 75-year history, Puritan Life has focused on pairing people-first values with balance sheet strength. With the backing of Puritan Life's AM Best rating of B++, Canvas customers can feel confident in a winning partnership where old fashioned values and reliability meet simple products and modern technology.

For more information, visit canvasannuity.com.

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SOURCE Canvas