(a) A society may provide the following contractual benefits in any form:

1. (i) Death benefits;
2. (ii) Endowment benefits;
3. (iii) Annuity benefits;
4. (iv) Temporary or permanent disability benefits;
5. (v) Hospital, medical or nursing benefits;
6. (vi) Monument or tombstone benefits to the memory of deceased members; and
7. (vii) Other benefits as authorized for life insurers and which are not inconsistent 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) of this section, 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.