You can suspend service for up to 6 months in a year. You can also move to the $45 plan with 30 minutes voice and unlimited data (ymmv, legacy plan).
As to whether it is worth it.... Depends on what the other plans would cost, and if other carriers current unlimited data would work for you
Sent from my Pearly White Verizon Samsung Galaxy S6 Edge
Dpham is right and knows his stuff. However, I just wanted to share my experience.
My brother used to be on my account. We had two single lines with Unlimited Data. However, my brother decided eventually to be on a separate account with his now wife.
I wanted to keep both lines, but didn't really have a need to keep them active at the same time.
I suspended without billing and eventually reached my 6 month limit. At this point, Verizon wants you to start paying for at least 6 months, until you can suspend again.
However, you always have the option of suspending your phone due to loss or theft for 30 days WITHOUT BILLING.
I am not profiting or filing false insurance claims, and there is no actual theft, but I've lost my phone a lot. Eventually, it will even allow you to suspend again without billing, even though you may not have started paying for service.
Obviously, the contract keeps extending, but that's fine with me. It was also handy to suspend service when I got the itch to try TMOBILE and SPRINT for a time.
Ethics aside, it may be shady that I can lose my phone online, even though I know where it is.
Verizon hasn't said a word and is happy as long as I keep my account in good standing.
My point is, you could lose your phone each month. Find it and lose it again until the year is up.
As an aside, a lot of people complain about Verizon's costs compared to other carriers.
In my opinion, Verizon's website is much more user friendly than Sprint and TMOs and you can have more control over your phone and account.
Sprint also charges an $8.99 SEASONAL STANDBY FEE every month if you choose to suspend without billing. I think TMO may also have a fee, regardless of if your phone is lost or you just need to take a few months off. Verizon, as Dpham pointed out, allows you to officially suspend without billing for 6 months free of charge.