How do I find my network security key for my modem?

I have a Westell VersaLink 327W modem. My desktop is wired to it via an ethernet cable and my laptop is connected wirelessly. I got my iPhone today, and when I tried to connect it to my modem, I saw that my network had a lock on it. I don’t need a password to get online with my laptop, so I was confused as to why the iPhone asked for a password. I went to my laptop, checked the wireless connection properties and saw the following:

Security type: No authentication (open)
Encryption type: WEP
Network security key: ********
Key Index: 1

I opened a browser on my laptop and went to the 168.192.1.1, and I don’t know what to do from there. How do I find the newtwork security key to enter into my iPhone and be able to use my own modem at home for it? Please tell me I don’t have to call Verizon tech support. Google’s not come up with anything to help me. HALP!