Okay, so just want to have complete understanding. If I cancel my contract and pay the $350 ETF, I will be able to use the phone associated with that contract to start a new line service and not have any phone device payment? Whether or not it has the same number is not a big deal.
That is correct.
Keep in mind, you will not receive the out of contract discount on that line UNTIL you call CS to have it added to that new out of contract line OR you add it yourself in your MyVerizon account. When adding the discount, you should be notified that it can take 1-2 billing cycles for it to take effect and you WILL NOT have discounts retroactive from when you open your account until when it is activated on that line.
For what it is worth, each time I have added this discount to one of my out of contract lines, it showed up on the first bill I received after I activated it.