Phone needs to be unlocked and compatible. From my understanding Verizon will ask for payment in full on phone once you have ported over and the port closes the account. Since you are paying on it the phone may not be unlocked.
You can check if your phone is compatible click the link and follow the steps.
If the phone is unlocked, you can port out of Verizon into Visible, keeping your phone. However, you will receive a final bill from Verizon with the full remaining balance of your device.
