Verizon will now let you upgrade your iPhone every year

Verizon has announced a new plan that will allow you to turn in your old iPhone and upgrade to a new one every year. However, only those who purchase Apple's new iPhones - the iPhone 6s and iPhone 6s Plus - with the carrier's Device Payment option will be eligible for the upgrade.

Those who've already pre-ordered any of the two new iPhones and elected the Device Payment option are automatically enrolled in this program, Verizon said in a press release, adding that those not willing to upgrade can can pay off the full price of their iPhone in 24 monthly payments.

"That’s a better option than those lease plans offered by other companies, which can include surprise balloon payments just 18 months into your agreement, or ask you to turn over your phone without getting anything for it," the company said.

It's worth mentioning that other major US carriers are already offering similar plans. For those who aren't in the know, Apple has also announced the iPhone Upgrade Program earlier this month.

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