US insurance giant American International Group (AIG) has announced its withdrawal from the South African funeral cover market, leading to the termination of AIG funeral policies from midnight on 31 January 2024. While clients were given just over three months’ notice, most funeral policies have a six-month waiting period to prevent last-minute applications, putting them at risk. The abrupt termination has left many policyholders, including some pensioners frustrated and facing concerns about the challenge and affordability of alternative coverage at their advanced age.
