Asset Protection Society

Home Illinois Life Insurance, Annuities, and IRA Exemptions

Life Insurance

Whether the power to change the beneficiary has been reserved or not, the death proceeds and aggregate cash value of life insurance, endowment policies, and annuity contracts payable to spouse, child, parent, or other dependent of the insured are exempt to the extent reasonably necessary for the support of the debtor or its dependents.  To view this statute, please click here.

Group Life insurance proceeds are exempt.  To see this statute, please click here.

Annuities

Whether the power to change the beneficiary has been reserved or not, all death proceeds and the aggregate net cash value of life insurance, endowment policies, and annuity contracts payable to spouse, child, parent, or any other dependent of the insured are exempt.  To see this statute, please click here.

IRAs

ERISA qualified benefits and other benefits that qualify as a retirement plan under the provisions of IRC of 1986 are exempt.  Please see statute to determine what qualifies as a retirement plan.

Miscellaneous

Disability benefits are exempt.  To view this statute, please click here.