$500 via Verizon e-gift card (sent w/in 8 wks). Activation of 4G LTE/5G phone on 5G Get More plan req’d. Device must remain active for 45 days. $500 charge back if service cancelled w/in 12 mos or eligibility req’s are no longer met. See vzw.com/bring-your-own-device for details.
Simple answer would be because you're not eligible for upgrade. You CAN upgrade....for full retail. Otherwise, you aren't entitled to an upgrade until you meet the terms (20 months in to your current 2 year agreement makes you eligible).