Why do I have to write down my Backup Phrase before switching wallets?
We ask that you write down your 12-word Backup Phrase in the exact sequence it appeared before you exit your wallet as your funds and private key are tied to this unique Backup Phrase. Your 12-word Backup Phrase allows you to restore your wallet and regain access to your funds at any time on any device that supports Lumi wallet. After switching wallets, you will not have any other way to access your funds except the 12-word backup phrase.
In the unlikely event that Lumi, as a company, is no longer around, you can also use your 12-word phrase to transfer your existing funds in Lumi to a similar wallet service that utilizes the mnemonic system and has the same derivation path (Bip44).