If you have permanent life insurance with cash value, the replacement will involve a 1035 exchange to get the cash from one life insurance policy into another policy.
Keep in mind that when you do a replacement of an existing life insurance policy, or get a new life insurance policy, all policy provisions, surrender charges, etc., start all over again. This means, the 2 year contestable clause starts all over again, and the 2 year (1 year in some states) suicide exclusion begins again, too.
The switch is not simply switching life insurance companies buy re-instating certain limitations on your life insurance coverage for the first 2 years you are insured under the new life insurance policy.
Here are come helpful life insurance tips for your review.