A "Verizon kids phone" is really three different products, and which one you want depends on your child's age: the GizmoWatch line (a GPS smartwatch that calls only approved contacts), a normal phone on a kid-oriented plan, and Verizon Smart Family, the paid add-on that does the actual monitoring. None of them is a full monitoring dashboard, and that is the part most articles leave out.
GizmoWatch is the right answer for roughly ages 5-10. It has GPS, two-way calling to a short approved list, and no browser or app store, so there is nothing to monitor because there is nothing to misuse. Location lives in the companion app on your phone. Smart Family is the software layer on a real phone. It bundles location, content filters, time limits, and call/text controls, billed monthly per line as an add-on to your Verizon account. What it will not do is show you message contents or browsing history — it is a gatekeeper, not a log. If your question is "who is my kid texting", Smart Family does not answer it, and no carrier product does.
Where Ultimate Phone Spy fits. It runs on Android 4.0+, Windows and Mac and is not an iPhone product — iOS does not permit device-level access, so ignore any vendor claiming live iPhone message reading. On an Android child phone the dashboard covers SMS and call logs, web history, installed apps and location history in one console; start with parental control features and system requirements. Pricing is $69.90/month, $40/month quarterly ($120 total), or $16/month annual ($192 total) at pricing. Cheapest sensible path: GizmoWatch first, a phone plus Smart Family at 11-12, and a dashboard only if the phone is Android and you actually need message-level detail.
One caution. Buy the device in your own name on your own account, because that ownership is what makes oversight lawful. Monitoring an adult's phone without consent is a criminal matter under wiretap and computer-misuse statutes, and no carrier plan changes that.
We covered the location-first approach in this thread.