Demonic Insurance

Whenever a creature you control dies, you may pay {b/r}{b/r}. If you paid {b}{r} this way, draw 2 cards, and if you do discard a card and lose 1 life. If you paid {b}{b} this way, target creature gains -2/-2 until end of turn. If you paid {r}{r}, search your library for a card, and if you do, discard a card at random.
Was the deal worth it? He would soon find out.