People you know'

By Amir Zaman, WEA Insurance employee benefits specialist

April 1997

You can trust WEA Insurance

Terry Craney, president of WEAC, observes that, “It’s always nice to do business with people you know. You don’t have to guess about their agenda or their intentions. You can be sure that your money won’t be used against you and that you will be treated fairly. “That’s why we created the WEAC Member Benefit Trust. Members buying insurance in the commercial marketplace really ought to compare their current home and auto policies with those offered by the Trust. They don’t have to deal with companies run by strangers with misguided agendas.”

The WEAC Member Benefit Trust (Trust) — part of WEA Insurance — was created as an exclusive service to WEAC members. Its primary mission is to assure that each member gets the expert help he or she needs to make cost-effective purchases of dependable auto, home, and other personal insurance. An enlightened member/buyer must know whether coverage is appropriate and the price is right. That’s not always easy.

Policies from the Trust are a useful benchmark for comparison. Whether or not a member chooses to purchase protection from the Trust, the availability of a relevant Trust insurance policy allows members to use it to compare coverage and price with commercial insurers.

A dependable alternative

There are additional advantages to going with the Trust. It doesn’t spend your premium dollars to fund massive advertising or marketing campaigns; it doesn’t use insurance agents who receive a commission for every new member who chooses insurance through the Trust; and it bases rates on a population that’s educated and not prone to risky behavior.

Members who choose the Trust for their auto or home insurance needs can rest assured that every one of their premium dollars goes into paying member claims and necessary administrative costs. Additionally, the Trust's personal insurance consultants average more than 10 years of experience and can help members review their current policy and help them shop for insurance more skillfully.

To transfer your auto or home policy or get a quote, you can call the Trust at 1-800-279-4010.

Making the right TSA choices

If you’re planning to start a tax-sheltered annuity, your district may offer you a choice among several different companies. How do you make the right choice? We list here some of the questions you may want to ask, and the types of fees you should know about.

Here’s a description of some of the fees companies charge, as well as what WEA TSA Trust charges.

Initiation fees: Many vendors will charge a contract initiation fee, more commonly known as a front-end load. These fees are used to cover the cost of opening your account. WEA does not charge a contract initiation fee.

Withdrawal fees: You could also be hit with a withdrawal fee or surrender charge when you close your account. WEA has no withdrawal fee.

Contribution fees: It’s equally important to ask about contribution fees which apply every time you add money to your account. WEA charges $0.80 per $100 contribution or transfer until your account reaches $50,000. As long as your balance remains above $50,000, this fee does not apply.

Administrative fees: Administrative fees are used to cover the costs of maintaining your account. It’s important to note that some companies say they don’t charge this fee, when they simply reduce the interest rate they offer. WEA charges an annual administrative fee of $0.33 per $100. The combination of contribution and administrative fees will never exceed $250 a year.

You can call the WEA Tax Shel-tered Annuity Trust for more information or to enroll. The phone number is 1-800-279-4030.

Comparing TSAs

Posted March 24, 1997