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Insurance is a necessary part of life—it helps provide us with important peace of mind and financial security. But are you aware that your insurance needs change as you pass through life's many chapters? Adapting your insurance coverage accordingly is critical to your future. He are some key insurance stages to be aware of from the Federal Citizen Information Center:

Teen and College Years. A new driver's license in the household calls for additional auto insurance. Coverage is cheapest for teens added to the family's policy. Full-time students are generally covered by family health policies until age 23 or graduated, but check with your company to see if supplemental coverage is needed. The same is true for personal property insurance. Students living at home or on campus are covered by the family's policy, but students living in off-campus housing may require renter's insurance to cover personal property.

Married and Starting a Family. Merging two households and two careers means reconsidering insurance needs. Most people get health insurance through their employers. If there is a choice, compare costs, coverage and co-pays and choose the best option. Married people generally get lower auto insurance rates than single people, so check with your company to see if you qualify. If you buy a home, you will need homeowner's insurance, and make sure it keeps pace with your growing family. Once children arrive, it is time to purchase life insurance. Look into the various term (death benefit only) policies and cash value insurance before you decide on coverage. Finally, middle age is the most cost-effective time to look into long-term care insurance.

Senior Years. Most auto insurance companies give discounts to adults up to age 70. As rates rise, have frequent eye and health exams to decide when or whether you may wish to stop driving. Also, some states offer discounts to seniors who take special senior driving courses. As for home insurance, you need to maintain fire, theft and natural disaster coverage even if you have paid off the mortgage. Retirees can still get life insurance, but should expect to pay more for it, and premiums will go up as term policies come up for renewal. Premiums must continue to be paid for cash-value policies. As for health insurance, anyone enrolled in Social Security is automatically signed up for Medicare, but you may need to buy supplemental Medicare insurance if you are no longer covered by a group policy. Finally, if you have long-term care insurance, benefits kick in only if you have lost the ability to perform at least two activities of daily living, such as bathing, dressing, mobility or continence.

-Steve Breihan