(a) A fraternal benefit society may provide by its laws, in addition to other benefits provided for by the fraternal benefit society’s laws, for insurance or annuities, or insurance and annuities, on the lives of children of any age, on the application of an adult individual related to or interested in the child, as provided by the fraternal benefit society’s laws.
(b) A life insurance benefit contract issued on the life of an individual who is younger than a fraternal benefit society’s minimum age for adult membership may provide for transfer of control or ownership to the insured at an age specified in the benefit certificate. A fraternal benefit society may require approval of an application for membership in order to make the transfer and may provide in all other respects for control of the benefit certificate and rights, obligations, and liabilities incident and connected to the certificate. Ownership rights under the benefit certificate before a transfer must be specified in the certificate.