No. If your insurance company fails, the maximum amount of Guaranty Association protection provided for each type of policy, no matter how many of that type of policy there are, is listed below:
Life insurance death benefit: $300,000
Life Insurance cash value: $100,000
Health insurance benefits
$300,000 for disability income insurance and long term care insurance
$500,000 for basic hospital expense insurance, basic medical-surgical insurance, or major medical expense insurance
$100,000 for all other types of health insurance
$250,000 in the present value of annuity benefits including net cash surrender and net cash withdrawal values. With respect to each payee of a structured settlement annuity (or beneficiary or beneficiaries of the payee if deceased) $250,000 in the present value of annuity benefits in the aggregate, including net cash surrender and net cash withdrawal values.
For any one life the Guaranty Association is not liable for benefits aggregating more than $300,000 , or $500,000 for basic hospital expense insurance. basic medical-surgical insurance or major medical expense insurance benefits.