After last month announcing its $70/month iPhone for Life plan that allows users to “rent” an iPhone and upgrade every two years, today Sprint announced that it will be launching a new 12-month lease option starting Nov. 14. That means that iPhone 6 and 6 Plus users signing up for the iPhone for Life Plan will now be able to upgrade every year, and the old 24-month plan will become available for the iPhone 5S.

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While Sprint’s iPhone for Life Plan previously cost users $70 month ($50 for an unlimited talk/data and $20/month for the device rental), the new 12-month plan will run $30, $35, or $40 depending on the capacity of the iPhone model you choose, which is on top of the $50 unlimited plan. That puts the cost of the new 12-month rental between $80 and $90 or starting at $960 for out of pocket costs per year:

iPhone-for-life-plans-comparison

The iPhone 5S will be available for an additional $18-$24 a month on top of the $50 unlimited plan depending on the capacity of the iPhone model.

Sprint says the new plans “beats Verizon Wireless’ upgrade policy, which was recently changed to make customers pay off 75 percent of the balance which is 18 months of device payments to get a new iPhone.” That comparison is to customers on Verizon’s Edge handset financing program making monthly payments, according to Sprint.

At the end of the lease in an iPhone for Life plan users can upgrade to a new device for $0 down, purchase the leased device, continue monthly payments for the same device, or return it to end the service.

Sprint plans to make the new iPhone for Life plans available starting November. 14.

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