Clientèle Limited has announced that after AIG South Africa’s decision to withdraw from the funeral cover market, it would offer existing AIG funeral policyholders an equivalent level of funeral cover at the same price point, with no new waiting periods.
In a statement, Clientele said recognising the vital role of insurance for all South Africans, it has taken immediate action to address the situation faced by AIG South Africa funeral policyholders, who are on the verge of being left uninsured from January 31, 2024.
Clientèle Limited managing director Basil Reekie said: “We recognise the unfortunate predicament policyholders are faced with, as the termination of AIG policies will render them without any cover.”
This decision comes in response to the recent announcement by the American International Group (AIG), a prominent player in the insurance industry, regarding its withdrawal from the South African funeral cover market, Clientèle said.
“Starting at midnight on January 31, 2024, AIG South Africa’s funeral policyholders will find themselves without their funeral policies. Acknowledging the hardship and vulnerability this situation poses for policyholders, particularly given the common six-month waiting period associated with funeral policies,” the group said.
Reekie said: “We felt compelled to extend this lifeline, ensuring that they remain safeguarded during the challenging times that often necessitate funeral cover.”
Clientèle reaffirmed its unwavering commitment to prioritising funeral cover, adding, “Funeral cover remains a cornerstone of our commitment to our customers. With this opportunity, current AIG funeral policyholders can rest assured that they will continue to enjoy financial protection and the peace of mind they rightfully deserve.”
PERSONAL FINANCE