Cheapest verizon iphone plan?

I would like to get an iphone 4 through verizon. I heard that the cheapest plan (unlimited talk & text and 2GB data) was $60 a month. However looking at the share everything plans on verizon, it is $60 a month plus $40 a month just to have the device… Am I looking at the wrong plan? I do not understand what the extra $40 is for. I just want an individual plan, not a family plan.

Hmm i don't remember the name of the plan that i have but i have unlimited text and calling and 2 BG of internet. It's $40 dollars a month.