When replacing an existing life insurance contract

Contract arrangement costs or acquisition costs (advertising, commissions, medical examination fees, underwriting and administration costs) are built into every policy. You have to pay this twice when replacing an existing policy.
The cost of insurance portion of the premium for life insurance is dependent on the age at which you purchase the life insurance contract. Since your existing life insurance contract was purchased at a younger age, it is very likely that you will be paying more for a new contract having the same or similar benefits.
With a new policy, you restart the suicide and incontestability clauses. These clauses may have already expired in your existing contract (this is to your benefit) while in the replacement contract these clauses may be in force again (certainly not to your benefit). (Canada)
Replacement of a contract of life insurance which was acquired prior to December 2, 1982 (or in the case of corporate insurance, June 29, 1982) may cause the loss of valuable tax advantages.
Since your health may have changed, your insurability (acceptability to the insurance company) may be adversely affected. A replacing contract may therefore be more costly and may contain additional contractual restrictions and/or limitations.
Demand a completed "Basic Disclosure Statement Regarding Replacement of Contracts of Life Insurance" for each of the policies considered for replacement and do not terminate the existing policy.
Consult your existing insurer to see if the existing contract could be amended to suit your current needs, or if they have somethign similiar you can convert to.
Get a second opinion from an independent life insurance agent or financial planner.