If all phones are going to be like $700+ now how am i going ro afford a new one when my current phone dies?

Wait a year and buy the last year's model on Glyde or Swappa. You can go back even further, just find a series that can accept updates to the latest operating systems. Apple is rolling the forthcoming iOS back to the 5S. If you want an iPhone, the smaller SE series is very inexpensive and has the same chip as the 6S in a smaller package. There are options. Android OS has even more inexpensive options. Sure, it's not a Galaxy S9 or an iPhone XS, but you can buy a perfectly good phone for a fraction of the retail on the latest models when yours breaks. For 90% of users, a two year old phone has no discernible difference when talking about a modern smartphone.

I have multiple phones, since I have dedicated work phones, etc., and I only buy my phones. I had insurance on them, and never used it, so now I don't bother, just invest in a good case.