Is life insurance considered marital property in Chicago or the Chicagoland area?
Life insurance is included in the marital property divided between the spouses in a divorce. Illinois law states, at 750 ILCS 5/503:
“. . . As to any existing policy of life insurance insuring the life of either spouse, or any interest in such policy, that constitutes marital property, whether whole life, term life, group term life, universal life, or other form of life insurance policy, and whether or not the value is ascertainable . . .”