Bill Title: Amends the Illinois Marriage and Dissolution of Marriage Act. Provides that in the case of a life insurance policy that does not constitute marital property, upon the entry of an order for dissolution of marriage or declaration of invalidity of marriage, a beneficiary designation which provides for the payment of a death benefit to the other party is revoked unless the court orders otherwise or the insured affirmatively designates otherwise in a signed writing executed after the entry of the order for dissolution of marriage or declaration of invalidity of marriage. Provides that if a benefit is prevented from passing to a former spouse by the new provisions, the payor shall pay a death benefit in accordance with the contract providing for the death benefit as if the former spouse had predeceased the decedent. Provides that the new provisions do not apply to policies contracted for the purpose of securing a maintenance or child support obligation.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2014-12-03 - Session Sine Die [HB5825 Detail]

Text: Latest bill text (Introduced) [HTML]

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