Insurance needs change as circumstances in your clients' lives change, which is why an annual insurance review is recommended by the Insurance Information Institute.

When you're reviewing insurance coverage, these 10 questions can help insurance professionals and their clients figure out whether they may need to make a change to coverage:

1. Have you gotten married or divorced?

If you have gotten married, you may qualify for a discount on your auto insurance. Couples may bring two cars into the relationship and two different auto insurance companies, so take the opportunity to review your existing coverage and see which company offers the best combination of price and service.

If you are merging two households, you may need to update your homeowners' insurance. And you may want to consider increasing your insurance for any new valuables received, such as wedding gifts, and for jewelry, such as wedding and engagement rings.

After getting married, it is important to review your life insurance needs. If one spouse is not working, he or she might be dependent on the working spouse's income; if so, reviewing life and disability insurance coverage is prudent.

The spouse who is not working outside the home should also consider having a separate life insurance policy because, in the event of premature death, the services he or she provides for the household would need to be replaced, and that could prove costly to the surviving spouse.

Adequate coverage?

Moreover, even if both spouses are working, couples often make financial commitments based on both incomes so the loss of one spouse's income due to death or disability could be financially devastating without adequate insurance.

Related: 3 insurance policies for ultra-high-net-worth clients

In the other hand, if you got divorced over the past year, you will probably no longer be sharing a car with your former spouse and have likely moved to a different residence. If this is the case, you should inform your insurer as you will need to set up separate auto and homeowners' policies.

(Photo: iStock)

2. Have you had a baby?

If you have recently added a child to your family, whether by birth or adoption, it's important to review your life insurance and disability income protection.

If you are planning for your life insurance to match your survivors' expenses after your death, the new child will no doubt add to those expenses, requiring more life insurance to keep your family secure.

If you plan to save for your child's college education, life insurance can assure completion of that plan.

And if you keep your current life insurance policy, don't forget to update the beneficiary designations to include the new child.

Encourage kids to get good grades and to take a driver training course. (Photo: Thinkstock)

3. Did your teenager get a driver's license?

It's generally cheaper to add your teenagers to your auto insurance policy than for them to purchase their own. If they are going to be driving their own car, consider insuring it with your company so you can get a multi-car discount. And choose the car carefully — the type of car a young person drives can dramatically affect the price of insurance. You and your teens should choose a car that is easy to drive and would offer protection in the event of a crash.

Related: 10 safe and affordable cars for teen drivers

Also, encourage your kids to get good grades and to take a driver training course. Most companies will give discounts for getting at least a “B” average in school and for taking recognized driving courses.

If your teenagers move at least 100 miles from home — for example, to go to college — you can get a discount for the time they are not around to drive the car (assuming they leave the car at home).