Canvas AnnuityReviews of canvasannuity.com

A few things. I have been with Canvas for 4 years now. I have a few annuities with them, but one is fixed where I draw the interest monthly. Deposits are supposed to be made on the 28th of each month to my bank account. I have never ever touched the principle just the interest. I had taken out a 3 year fixed at 4.6% I received payments on the 28th each month which varied if it was a 31 day month 30 or 28. That policy renewed on mid year of 2025 6% interest.Payment started going all over the place different amounts & dates where prior it was steady. I called & was told it was the new 3rd party admin they don't have the capabilities the old one had (keep 3rd party in mind for later). Now this is a fixed which is simple math it is NOT compounding interest. So this comes down to grade school math Principle X interest rate = interest paid / 365 = amount paid per day. Now keep in mind that there are no hidden charges so Canvas claims. But there obviously are that they don't disclose. I asked BEN in depth questions on this & he answered the same as that math figure I just demonstrated. I then decided to go to an accountant & he said that is how it should work. I then decided to take 2 of the 1099r's that they had sent me that were a full physical year & to my surprise I was NOT getting 4.6% but was getting 4,499618% Now add that up even with the new rate Canvas has shorted me over $620.00 so far to date. now it is 3/2 no payment I'm supposed to be paid on the 28 of Feb. I brought this to their attention in real detail showing how their figures are off. Answer received: Based from a higher level Interest levels can be effected by several factors, Timing, Daily Calculations (what daily calculations it's fixed) Adminastrating processing (there are supposed to be no fees even Ben said so when interviewed) it even states that on their web site. I was told it would be sent to a higher authority for review back on Feb 5, 2026. I have heard nothing. Now as for the 3rd party today I'm told that it's the accounting dept. I have to deal with which means there is no 3rd party & that is why I was never given there name or phone # after requesting it a few times. Today I wanted to speak to the head of accounting & was told they don't have their name or phone number. If you are on a fixed annuity that you are withdrawing interest only I strongly suggest that you check your 1099R that is a full physical year & you will find that you are NOT being paid the monthly interest that you are supposed to be paid. I'm a senior citizen & I find this disgraceful that there are hidden fees & can't be paid on time & the monthly payout are all over the place in amounts. When they take your money they are a faduciary & have the responsibility to meet their obligations.

I have a lot of concerns about Canvass annuity, and you should too ! On September 4, 2025, I opened up an annuity with Canvass annuity. No problem. Within 2 days, my application was processed and an account was opened and collecting interest. October 4, 2025 I opened another annuity with Canvass annuity. No problem. Within 2 days, my application was processed and my account was opened. October 16, 2025 I opened a third annuity with Canvass annuity. No problem. My application was processed and my account was opened. I opened a 4th annuity. The application is quite lengthy. It doesn’t allow the applicant to continue until all the steps are completed. I receive a lot of emails. Canvass sent me an email requesting me to contact customer service. I missed that email. It’s been 29 days and canvass annuity withdrew my funds from my bank and didn’t not open an account. Why would a large corporation accept my money and not give a refund for an incomplete application? I’m on the phone with customer service. She told me that the reason why Canvass Annuity withdrew my money from my bank account AND did not process my application or open my account was because I forgot to add a beneficiary. AND, AND they did not withdraw the funds from my bank account. This is too much! There are many steps involved in completing an application with Canvass Annuity and it won’t let an applicant proceed on to the next step. The kicker is that the customer service agent told me that canvass annuity never withdrew my funds from my bank account. WOW. Is this customer service agent just making things up on the fly? My bank records has canvass Annuity withdrawing my funds. The customer service agent has been putting me on hold. She came back on the phone and corrected herself and informed me that Canvass Annuity did indeed receive my funds after all and that they would be paying me interest since the day the application was supposed to have been opened. She won’t send me an email confirming this information so I have to wait and see. The customer service agent can tell me whatever she wants to get me off the phone. The customer service agent aka operator told me that I have to speak with Admin. As luck would have it, she’s unable to transfer my call because there’s no one available to complete my application. It’s just me and the customer service agent who keeps putting me on hold. Canvass Annuity has a 30 day refund policy and it’s only been 29 days. Why is Canvass Annuity receiving raving reviews ? They haven’t had to pay out serious money yet. Canvass was established June 2020. Do you want to know one of the many scams that goes on with annuities? One of them is an agent putting themselves as the beneficiary. Hmmm. I’m divorced and don’t have a beneficiary. Guess what document Canvass is missing ? The beneficiary page. I didn’t realize that the 4th annuity hadn’t been opened up until November 23. I had opened up a fifth annuity with canvass. The application is complete. However, Canvass annuity is asking me to contact Customer Service. Canvass annuity has had their rating decreased by Moody’s to a B Plus. I just pray that Puritan Life will be in business for the next 7 years. Have you ever heard of a Corporation holding onto your money when the application was incomplete ? Most Corporations would have the common sense to text you several times and leave numerous voicemails requesting that the application be completed before they withdrew our money from our bank. Admin looked at my application and thought to themselves, Hmmm. This application is incomplete. Let me withdraw the funds and wait for the senior citizen to get back to us …if they remember.

STAY AWAY!!.1. the application looks like old paperwork out of the trash from a 1950's company that went out of business. 2. The application had no mention of rates ,legal items or anything. 3. After you are APPROVED, you are suppose to grant complete access to your funds post haste!! 4. The agent they picked to handle my $500000 policy must not have made enough commission to answer my questions and respond to the question. All I got was the brochure, canned no response responses. This is either a scam or the worse customer service I ever saw, if not I wouldn't give this company $.10.

Data entry at Puritan Life Canvas Annuity is so bad that after submitting paperwork, you have to contact them to confirm that they entered account numbers, routing numbers, and distribution dates correctly. I have had to fix their errors on at least three policies. The Annuity Customer Service Manager emailed me and explained what happened to my latest distribution check. They mixed up the account number and had the wrong distribution date. Here is the kicker. She did not apologize on behalf of Puritan Life. Their mistake resulted in several hours on my part of trying to figure out what happened. I am now waiting for a third interest payment distribution because Canvas Annuity can't figure out the annual interest on a policy correctly! It's not that hard, folks. Initial investment times APY distributed on the anniversary date. I know what that number is, but they can't figure it out. Example: $150,000 x 6.55% equals $9,825. See how easy that is? But it is going to take three attempts on their part. Truly sad and disappointing. Response to Canvas Annuity: You haven't yet resolved the issue fully. You made a mistake. You disbursed funds nine days early. And it appears that your solution does not account for this fact as the second distribution was short $14.99 in interest. It appears that you don't want to pay the interest on the amount that you dispersed on 5/19 - the check that I haven't received yet. You claim that you want to address this issue with us, but you don't offer how this can happen. Please have a Vice President call us.

My 3yr annuity has come due and I filled out a form requesting that the full proceeds be mailed to me with a check. It has been a week and no one has gotten back with me as to the status of the check.

It’s very difficult to use Canvas. They have problems taking the EFT drafts and the customer service is difficult to deal with. They’re very argumentative and sometimes rude. It’s unfortunate that their rates are good but I guess that’s the price we’re having good rates poor Customer Service.

You did not answer my question regarding withdrawal of principal before income

All Application process are not easy and west time. it don't have all feature / option to apply.