T-Mobile introduces JUMP, upgrade/replace your phone any time you want (theoretically)

T-Mobile US has announced JUMP, a new phone trade-in program that lets customers upgrade their phone twice per year, or replace it in case of screen breakage, water damage, or device failure. For $10 per month, Jump allows customers to trade in their current phone and buy a new one for the same price as a new customer would. Additionally, customers will trade-in their old devices without having to pay off the remaining balance due. Here's how T-Mobile describes Jump:

Why would anybody want to keep you from having the phone you want at a great price? Introducing JUMP!, a revolutionary new upgrade program, only from T-Mobile.

• Upgrade to the latest smartphones twice every 12 months. Not once every two years.
• Existing customers can get the same great phone prices as new customers. Simply trade in your old phone when you upgrade.
• Protect your investment with the included Premium Handset Protection and Mobile Security. Learn more about PHP. Only T-Mobile offers all of this with no annual service contract.

Jump is in direct contrast to those made by Verizon and AT&T, which have both recently changed their policy to force customers to wait the full 24 months of their contract before they can upgrade. This will be a good move for people who like to upgrade their iPhone every year, but also for the people who bought an iPhone 5 from T-Mobile when it launched on the carrier back in April who may want to upgrade to the new iPhone that is expected later this year.

T-Mobile also announced new family plans that would start as low as $100 for 4 family members, including 500MB of data each.

Anyone planning on jumping on Jump?

Source: T-Mobile via Windows Phone Central, x2