Trust FAQ
How are the required reports made to the State Board if I am using the SecurChoice™ Trust program?
Once your pre-need contract has been established by the Unichoice™ administration, a completed report will be sent to your funeral home indicating that you have set up a new pre-need contract. You sign the report and send it to the State Board. When the person dies, you receive the death claim payment and then the completed report for the State Board indicating the account has been closed. Again, you sign and send it to the State Board.
If I need a death benefit quote on the weekend or after business hours, how do I access that information?
Call Ruth at (800) 692-6068 regarding this procedure. She will give you a code so that you can access all of your accounts on-line 24/7.
Can I choose more than one investment option when placing pre-need funds with the SecurChoice™ Trust?
Yes, you can place the funds in 3 investments, but one of those investments must be the designated money market fund. You cannot use the trust annuity as one of the 3 investment choices.
Who has control of the interest rate in the SecurChoice™ Trust Annuity? How and when can it be changed? Is there a minimum guaranteed interest rate? What happens if I want to move funds from the annuity to another investment?
Funeral Directors Life Insurance Company’s Board of Directors review company financials and product interest rates at their annual meeting held each year in early December. The interest rates are then announced for the following year. If you move funds out of the annuity for any reason other than death, a penalty will be deducted from the accumulated total. Call Unichoice™ for the exact penalty details.
I have a personal professional money manager who handles my retirement funds and I have confidence in their performance. Could I use them to manage my pre-need funds if I place them in the SecurChoice™ Trust program?
Yes. PNC Bank, Trustee, must approve the use of your professional money manager. PNC Bank is ultimately responsible for all of the funds in the SecurChoice™ Trust program.
Would I be responsible for paying state and federal taxes on the earnings on the pre-need funds deposited with the SecurChoice™ Trust program?
If you place the pre-need funds in a Qualified Funeral Trust, the trust will pay the state and federal taxes from the account earnings. If you place the pre-need funds in a Grantor Trust, a Grantor Tax Information Letter (tax notice) would be sent to the estate of the deceased.