In the absence of this magnetic field, or magnetosphere, these cosmic rays would bombard the Earth with a higher intensity of cosmic rays. It is expected that cosmic rays would cause tissue damage similar to the effects of x-rays. We know from magnetic records locked in rocks that the Earth's magnetic field has reversed many times in the past. We also know that the magnetic field of the sun reverses as well, every 11 years, whereas the Earth's reverses irregularly. The last geomagnetic reversal for Earth was about 780,000 years ago.
Magnetic poles used in compass navigation are another matter altogether.
And neither pole pair is completely stationary. The South magnetic pole is the point where a dipping compass points up. A dipping compass points horizontally on the Earth's magnetic equator, also called the Earth's dip equator. The magnetic poles are quite distant from their geographic counterparts. In regions near the magnetic poles, compasses are virtually useless.