(1) A society may provide the following contractual benefits in any form:
(a) death benefits;
(b) endowment benefits;
(c) annuity benefits;
(d) temporary or permanent disability benefits;
(e) hospital, medical, or nursing benefits;
(f) monument or tombstone benefits to the memory of deceased members; and
(g) other benefits authorized for life insurers that are not inconsistent with this chapter.
(2) A society shall specify in its rules those persons who may be issued or covered by the contractual benefits in subsection (1), consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person.