https://www.cnet.com/news/verizons-buy-one-get-one-iphone-xr-deal-is-better-than-sprints/

Unlike Sprint's deal, Verizon doesn't require you to trade in an existing phone. However, you do still need to pay full price for both phones; the "free" part comes in the form of a $31.25 bill credit over the span of 24 months.

In other words, you're amortizing the cost of two phones over two years, but in the end you'll have paid $750 less. Now, that's just the phones; you also need at least one new line of service. Verizon's single-line unlimited plans start at $75 per month. If you're buying two lines, your options start at $65 per month.