Not always. If your insurance company fails, the maximum amount of protection provided by the West Virginia guaranty association for each type of policy, no matter how many of that type of policy you bought from your company, is:
Life Insurance Death Benefit: $300,000 per insured life
Life Insurance Cash Surrender: $100,000 per insured life
Health Insurance Claims: $100,000 per insured life
Annuity Benefits (Present Value): $250,000 per contract owner
Unallocated Group Annuity Benefits: $1,000,000 per contract owner (present value) per individual $150,000
Notwithstanding the foregoing, the Association shall not expend more than $300,000 with respect to any individual.