Tell Legislators: Protect Financial Security Options for Californians
California legislators are considering new legislation that could restrict access to financial protection products like life insurance and annuities.
If SB 263 goes through, it would establish a fiduciary-only standard of care for the sale of annuities and life insurance in California. This heavy-handed rule would limit access to these financial security products, especially for moderate-income households who want guidance from financial professionals.
The average annuity owner earns a median salary of $70,000. The kind of fiduciary-only rule proposed in Sacramento would make it harder for moderate-income Californians to get information about how an annuity might help them protect their savings and make it last as long as they need it. Fiduciary-only harms under-represented communities, too, and could increase the racial wealth gap by 20%, especially hurting Black and Latino families in California.
Tell your state representatives to oppose SB 263.