Life insurance agents offer products such as term, whole, endowment, universal, and variable life insurance as well as various types of annuities. Life agents who sell variable products must also be properly licensed to sell securities.
Accident insurance generally provides coverage for medical expenses which are incurred in connection with a covered accidental injury. This product usually does not provide coverage for diseases and illnesses.
Health insurance generally provides medical coverage for injuries, diseases and illnesses which are not work-related. Various forms of health insurance are offered with different coverage, deductibles, co-payments, and coinsurance.
Life and health insurance agents face the risk of being sued for professional malpractice. The risk of a lawsuit is however on average less than for P&C agents, and for this reason, the E&O insurance premiums for life and health agents are generally considerably less than for P&C agents.
It is however recommended that life and health agents carry E&O insurance with adequate limits and reasonable deductible.