(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) Funeral benefits;
(g) Monument or tombstone benefits to the memory of deceased members; and
(h) Such other benefits as authorized for life insurers and which 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.
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