(1) A society may provide the following contractual benefits:(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) 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 members and their dependents or persons in whom a member has an insurable interest who may be issued, or covered by, the contractual benefits set forth in subsection (1). A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person.
(1) A society may provide the following contractual benefits:(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) 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 members and their dependents or persons in whom a member has an insurable interest who may be issued, or covered by, the contractual benefits set forth in subsection (1). A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person.