I spoke to my Companion Advisor who got my new SOS watch delivered before I sent the old Wellbeing watch back.
The watch arrived ready to wear as all my contacts and alerts were already setup.
I simply pressed the watch power button and it was ready to wear.
The old watch was sent back to Companion who gave me a recycling refund, which went towards the new SOS Watch purchase. They even gave me 1 months free subscription as it was a new watch.