JP Hale has this excellent post on the risks of replacing a policy when you go and get a “no-advice” sale. This process is common, in effect, the new adviser says “I’m not advising on that other thing, just look at this and see if you like it”. This is done with varying degrees of clarity, but must be happening on a large scale because we have both high levels of lapse and new business, persistent groups of the population that have no insurance and never have, and low reported rates of replacement business… not all of those numbers can be correct. Link.