Does one of these apply to you? 1) Primary line on a Family Share plan? 2) On an Individual plan with a calling plan (the Talk or Talk & Text portion of your bill, no features/add-ons included) valued at $49.99 or higher? If so, you are eligible for an Annual Upgrade at exactly 12 months into your contract. You will have to use this upgrade directly with Verizon Wireless, either on this site or over the phone, and you will not be able to use your New Every 2 credit. You may have to pay a $20 processing fee, and you will sign a new 2-year contract.
If you are a secondary line, or on an Individual calling plan valued at less than $49.99, you won't be eligible for an upgrade until month 20 of your 2-year contract. If you are on a Family Plan, and another line is eligible for an upgrade, you can use their upgrade as long as they agree to having their contract extended for 2 years.