You have to wait until you are out of contract before switching to a prepaid plan.
I doubt it on the insurance since the phones have to be purchased at the full retail price.
Also if you currently have a 4G LTE smartphone, the phone isn't compatible with the current prepaid plans offered by Verizon Wireless.
I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.
