The Difference: Life & Health vs Property & Casualty Insurance License
As you decide to begin your career of selling insurance, you may be considering what type of insurance that you may want to sell. Everyone has a need for insurance, whether it’s for health, vehicle, liability, life, business, and so on. While you can certainly obtain the proper licenses for all of the various types of insurance, it’s important that you know the difference between life, health, property, and casualty insurance.
The primary distinction between a life & health insurance license and a property & casualty insurance license are the various types of insurance products you can sell to the insurance buying public. So, we’ll dive into these differences to give you a little more clarity and direction as you begin or further your career.
What is a life insurance license and what can you do with it?
A life license allows you to sell policies that provide financial protection to beneficiaries upon the policyholder's death, such as term life, whole life, and universal life insurance. It is used to financially protect the beneficiaries of the policyholder, which usually includes family or the insured’s estate.
What is a health insurance license and what can you sell?
A health license enables you to sell health-related policies, including individual and group health plans, disability insurance, and long-term care insurance. Health insurance provides financial protection and support from expensive unexpected and known medical conditions.
It is very common that people who have a valid life insurance license also have a health insurance as well. Most states provide combo exams and licenses.
Property Insurance License – what can you do with it?
A property insurance license covers physical assets like homes, cars, and businesses against damage or loss due to events like fire, theft, or natural disasters. Selling policies to homeowners and car owners is typically the most common use for this license.
What is a casualty insurance license and what is it used for?
Casualty Insurance provides liability coverage, protecting individuals and businesses against legal liability for accidents, injuries, or damage to other people or their property. Selling liability insurance to individuals and businesses is a common scenario for this license.
It is very common that people who have a property insurance license also have a casualty insurance as well. A lot of agencies require that you have both and most states provide combo exams and licenses.
Summary
Life & health insurance licenses focus on personal financial and health protection, while property & casualty insurance licenses deal with protecting physical and tangible assets as well as providing liability coverage.
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