SIM card & new iphone

No. Since you chose Verizon, and verified the number is eligible for an upgrade, your phone will come with a Verizon Sim, which when turned on should automatically activate your phone number to your new phone.

The OP will NOT need to move their sim to the new phone. Having just moved from iPhone 11 and 11 Pro Max to iPhone 12 and 12 Pro Max, when I chose the phones on Apple.com, I chose my carrier and the telephone number is automatically checked for upgradeability. Once we got the phones, the moment we turned them on and set them up, our numbers were automatically moved to the new phones without any requirement to activate them or move our sim cards from the previous phones. It was simply seamless and great all in one.

If that sim came from Verizon then yes.

Let me add for later viewers, If you upgrade to an iPhone 12 series you should not use the old SIM, you need a SIM that is configured for 5G, and older SIMs are not.