The big picture: Mobile virtual network operators can significantly reduce your monthly phone bill and often times, the sacrifice (usually download speed) isn't as bad as you'd think. This is especially true if you don't live on your device 24/7 or are around Wi-Fi most of the time.

Visible, the mobile virtual network operator launched by Verizon last year, is expanding compatibility to more platforms and offering additional services.

Visible offers unlimited talk, text and data with hotspots on Verizon's 4G LTE network for $40 per month with no contracts or hidden fees. Visible is able to keep costs down because it doesn't operate brick and mortar stores. Also, it limits download speeds to 5 Mbps.

The service was initially limited to unlocked iOS devices but now, it's available for select Android devices via the beta app found on the Google Play Store.

The MVNO is also introducing device sales, offering a variety of Android and iOS handsets for purchase directly from its online store. Visible offers zero percent APR financing on all device sales with no down payment required for qualifying buyers. Optionally, you can purchase a device outright and avoid additional monthly costs.

Visible Protect, meanwhile, is a new program that offers device protection including accidental damage, theft, loss and out-of-warranty mechanical issues for as little as $10 per month.