What is a revocable contract?

A revocable pre-arrangement contract can be cancelled or “un-funded” at any time, and the released funds can be used for any purpose. If the revocable pre-arrangement was funded with a bank trust, your principal plus all interest will be refunded to you. If your revocable pre-arrangement was funded with an insurance policy or annuity, the cash surrender value, less surrendered charges, will be returned to you.