Thread: Mexico's Banorte offers insurance for immigrants in U.S.

Mexico's Banorte offers insurance for immigrants in U.S.

Tue Apr 21, 2009 11:34am EDT

MEXICO CITY (Reuters) - Banorte, one of Mexico's leading banks, has begun to offer life insurance to immigrants working in the United States to protect their families back home.

The insurance, being rolled out first in the state of Zacatecas, covers the death of immigrants working abroad and will pay their families up to 50,000 pesos ($3,758) as well as costs and arrangements for repatriation to Mexico and a funeral.

Around 12 million illegal immigrants are thought to be in the United States, most of them working in low-paying jobs in agriculture, the service industry and construction.

"Returning a body from the United States to Mexico is sometimes impossible for families in Mexico, with costs normally reaching between $3,000 and $5,000, Banorte said in a statement on Tuesday.

Applicants need only show official Mexican identification and their birth certificate.

The insurance costs up to 660 pesos ($49) a year and will eventually be offered through branches across Mexico, Banorte said.

($1 = 13.305 pesos)

(Reporting by Noel Randewich)

http://www.reuters.com/article/domestic ... LL20090421

Wait until the drug cartels figure out that they can take out life insurance on their low level members and make the payments for a few months and then kill them and collect their life insurance.

Hey, Banorte, how about medical insurance? That's how much your country values the lives of its citizens. You offer insurance in case they die, but not medical insurance to prevent deaths. Way to go.

Originally Posted by JohnDoe2

Wait until the drug cartels figure out that they can take out life insurance on their low level members and make the payments for a few months and then kill them and collect their life insurance.

The drug cartels already own many of mexico's banks.