Went into the Verizon store last night and they put in the 4th - that's right, 4th - new sim card since I got my iPhone 5 a year and a half ago. Because I pay for an extended warranty, they are sending me a new (I assume refurbished) iPhone due to these multiple sim card failures. I can only hope it lasts for another six months when I will get a new phone. (I am definately considering going back to an android phone although I love the look, feel, and features of the iPhone when it's working).
As others have reported, at first shutting the phone off and on again, or removing and reseating the sim card (with the phone off) seemed to fix the issue temporarily, but in these last months none of that worked & I've had to go in and get new sim cards. There is something definately and obviously wrong in these instances - especially with so many people reporting the problems. And again, how reliable is a phone if while it's in your pocket you never know if it isn't ringing because nobody is calling or because one of these sim card issues has randomly occurred? Very frustrating.