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You might can still do this part time. It dont cost a lot to keep your lic active.
Actually life insurance is not the same as P&C. Less service and less request for coverage change ie auto policy. Do not worry so much about E&O insurance when you leave just make sure the company assign the policies to a good agent.
As far as the E and O I think what you need is called a trailer policy. Call the e an o company tell them you are leaving and they can offer coverage for 5 years or so for a percentage of what it would have cost per year?
The only reason I know is because when I bought my agency I got in some discussions regarding the previous owners e and o and my e and o.