(a) A society authorized to do business in this state may provide for the payment of:
(1) Death benefits in any form;
(2) Endowment benefits;
(3) Annuity benefits;
(4) Temporary or permanent disability benefits as a result of disease or accident;
(5) Hospital, medical, or nursing benefits due to sickness or bodily infirmity or accident; and
(6) Monument or tombstone benefits to the memory of deceased members not exceeding in any case the sum of $300.00.
(b) Such benefits may be provided on the lives of members or, upon application of a member, on the lives of a member's family, including the member, the member's spouse, and minor children, in the same or separate certificates.