1. A society authorized to do business in this State may provide for the payment of:
A. Death benefits in any form;
B. Endowment benefits;
C. Annuity benefits;
D. Temporary or permanent disability benefits as a result of disease or accident;
E. Hospital, medical or nursing benefits due to sickness or bodily infirmity or accident; and
F. Monument or tombstone benefits to the memory of deceased members not exceeding in any case the sum of $300.
2. Such benefits may be provided on the lives of members or, upon application of a member, on the lives of the member's family, including the member, the member's spouse and minor children, in the same or separate certificates.