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.
g. Other benefits authorized for life insurers which are not inconsistent with this chapter.
2. A society shall specify in its rules those persons who may be 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 member.