(1) An individual is entitled to exemption of the following property to the extent reasonably necessary for the support of him and his dependents: benefits paid or payable by reason of disability or illness;
(2) money or personal property received, and rights to receive money or personal property for alimony, support, or separate maintenance;
(3) proceeds of insurance, a judgment, or a settlement, or other rights accruing as a result of bodily injury of the individual or of the wrongful death or bodily injury of another individual of whom the individual was or is a dependent; and
(4) proceeds or benefits paid or payable on the death of an insured, if the individual was the spouse or a dependent of the insured.
(5) The phrase “property to the extent reasonably necessary for the support of him and his dependents” means property required to meet the present and anticipated needs of the individual and his dependents, as determined by the court after consideration of the individual’s responsibilities and all the present and anticipated property and income of the individual, including that which is exempt.