(A) A society may provide the following contractual benefits in any form:
(1) death;
(2) endowment;
(3) annuity;
(4) temporary or permanent disability;
(5) hospital, medical, or nursing;
(6) monument or tombstone benefits to the memory of deceased members; and
(7) other benefits as authorized for life insurers under this title, provided the benefit is:
(a) offered in compliance with the requirements of this title, and
(b) consistent with this chapter.
(B) A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits in subsection (A), 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.