The T-Mobile JUMP phone upgrade policy was introduced Wednesday via the 116th LTE Market in New York City and this policy allows T-Mobile users to upgrade their phones twice a year.

This T-Mobile JUMP phone upgrade policy is called JUMP because the T-Mobile customer can switch it up in a world where people are always looking for the next big thing.

Most policies force the user to wait two years to upgrade their phones, thus forcing them to sign a two-year contract. Some other companies use one-year deals, but the T-Mobile JUMP phone upgrade policy allows two upgrades in 12 months.

"We are going to redefine a stupid, broken and arrogant industry," T-Mobile US CEO John Legere said at a press event in New York City Wednesday.

"Two years is too long to be locked into a phone. That's 730 days of watching new phones come out that you cannot have."

The customers would have to pay an extra $10 monthly fee for JUMP and after six months under the contact, you can swap for a new phone. It doesn't matter how or why, but the upgrade is solely up to the customer.

"You are covered if you drop it in the toilet or even if you run it over with your car," Legere said. "It's covered even if you just want a new phone."

T-Mobile continues to compete with the likes of AT&T and Verizon, which started when T-Mobile introduced plans that allowed users to buy a phone like the iPhone 5 for $99.00 and then pay off the rest of the phone with a monthly charge of $20 for two years.

According to T-Mobile, 26 percent of likely cell phone switchers chose T-Mobile instead of the other carriers.

As far as LTE concerns for T-Mobile, it is changing a little bit. A total of 157 million people in 116 metropolitan areas have access to T-Mobile's higher-speed network, which was not nearly as much available in recent years.