1.  A society authorized to do business in this state may provide the following contractual benefits in any form:

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(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) Any other benefits which life insurance companies are authorized to pay which are not inconsistent with the provisions of this chapter.

2.  A society shall specify in its laws or rules those persons who may be issued, or covered by, the contractual benefits set forth in subsection 1, consistent with the purpose of 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 the application of an adult.