Patent ID: 8607599

Claim:
A computer-implemented method for protecting a participant or a beneficiary in a retirement plan, the method comprising: establishing, utilizing a computer, a record for the participant or beneficiary regarding enrollment of the participant or beneficiary in a protection program for coverage of a balance of a loan from an account in the retirement plan, wherein the protection program protects remaining assets in the account of the retirement plan from default of repayment of the loan in an event of death, disability, or unemployment; receiving, utilizing a computer, an election from the participant or beneficiary regarding acceptance of the protection program; entering, utilizing a computer, into the record an indicator indicating whether the participant or beneficiary has a coverage in the protection program or separate coverage not associated with the protection program; configuring, utilizing a computer, a premium of the coverage in the protection program based upon the indicator in the record and the balance of the loan; and collecting, utilizing a computer, the premium for coverage from the participant or beneficiary.