After giving up attempting to find a pet that gives a card at baby that is of interest to my Life character, I broke down and trained a dropped Life Banshee pet to 'Adult'. The card is Life, 4 pips, and states "250 <Life> <Damage> and +25% to next <Life><Damage> spell. So I am expecting that after casting the spell something like a Life Blade or Life Trap will show up.
I tried it out with a Starter Deck in a battle in Unicorn Way, saw nothing, figured its because its one-on-one battle and I am killing the ghost with the one hit from the Banshee, so I moved to Colossus Blvd (two-on-one fights), and I see it hits 282 on an Evil Snowman. I think the extra 32 comes from my level 45 clothes. (I bought two crown clothing items on Mooshu that give global shielding, so my clothes don't bump up Life hits as hard).
So it appears that the Life Banshee does nothing special at best, and at worst, is not as powerful as Seraph for the same number of pips.