1. A computer-implemented method for administering a premium, the method comprising the steps of: providing a debt coverage policy to a plan sponsor or an administrator of a retirement plan, wherein the debt coverage policy comprises insurance or a debt cancellation agreement, wherein a participant has a retirement account in the retirement plan, wherein the participant takes a loan from the assets of the retirement account and the plan loan is collateralized by the remaining assets in the retirement account, and wherein the debt coverage policy insures the participant's plan loan against non-repayment in the event of occurrence of a risk event subjecting the plan loan to potential default for non-repayment; calculating, by a computer, the premium for the debt coverage policy based upon the outstanding balance of the plan loan and a state of domicile of the retirement plan issuing the plan loan; calculating, by the computer, a repayment schedule for the loan, wherein the repayment schedule reflects the premium to be charged on a periodic basis to an account of the participant or the participant's retirement account, based upon a choice by the plan sponsor or the administrator; billing, by a computer, periodically until the plan loan is repaid in full; and collecting, by a computer, the premium from the participant and maintaining on a computer a data structure regarding the collection of the premium for insurance through the debt coverage policy, wherein the assets in the retirement account are preserved for the benefit of a beneficiary of the retirement account for rollover into another tax deferred retirement account or distribution to the beneficiary, in the event of the risk event subjecting the plan loan to default and potential non-repayment.