I think that she recognizes that as well, since she is asking for a percentage of the value of the house. In my opinion, 60% is way to much value for a life estate.
as to the value; I linked the official Illinois chart for determining value. Take a look and see if the op provides her age (but of course understanding the husband hasn’t died yet so her life estate is not in effect yet and she will be older when it is)
the value of a life estate for a 70 year old person is 60% of the market value of the property per the Illinois chart
I didn’t ignore the fact the tenant is not taking possession now but not knowing when it would happened (statistically or actually) it’s impossible to guess how itnchanges things.
What i I was trying to do is show you 60% is not an unrealistic number, depending on all the facts of the wife is younger than the husband