Can I add a line to a verizon family plan and terminate another?

I'm on a verizon share everything plan, and my iphone was recently stolen. The upgrade on my account isn't for another six months, so my only option is to get a phone unlocked and pay upwards of 500 dollars. But if I added a line to the family plan, then terminated the line with the stolen iphone and payed the ETF, would there be any sort of penalty? Could I do that at all?

You could do that. As long as you pay the ETF and all associated fees there should not be a problem with what you want to do.

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