A new index shows more Americans are making the investment of life insurance policies as applications of underwritten coverage was up during the month of May.

While many consumers have an emergency fund set up to help cover unexpected medical expenses, having life insurance helps eliminate the cost of hospital stays and medical attention.

The MIB Life Index for May shows U.S. application activity was up 1.3 percent when compared to this time last year. Numbers have been up in seven of the last eight months, while the index is up 2.9 percent, year-to-date. Data shows the index was down 7.8 percent from the previous month, but MIB notes this downward trend is typical between April and May.

Additionally, application activity grew across all three age groups in April, on a year-over-year basis. Those up to the age of 44 years old have shown increased activity in the last six months, while applications from Americans between 45 and 59 were either up or flat in five of the last six months. Americans 60 years and older continued to seek out life insurance policies, as numbers have been up in all of the last six months.