It doesn't look like LG released any Android updates passed 4.4.2.
If people have made custom ROMs for your phone you can root and install one, but there is risk involved. The two main advantages of rooting a phone are being able to put a custom ROM on the phone and the ability to install apps that require root.
Two downsides - there is a small chance you can brick the phone, and if it's newer you may void the warranty.
The root process is different for every phone, so follow instructions for your specific device: LG Volt forum
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