By Wes Lind, Life Quotes, Inc.

If you or another income-earning family member died today, what would your family’s financial situation be like? It’s not a pleasant subject to think about, but the knowledge that there are funds to help cover your family’s daily needs and costs provide a small comfort.

One way to ensure your family’s survivors have immediate cash after a death is through life insurance and proper planning, recommends Edward E. Graves author of “McGill’s Life Insurance.” A policy’s death benefits provide survivors with cash within a few days of a claim’s filing and frequently makes up a large portion of any family’s “emergency funds.”

Consider all the daily living needs that cash from life insurance proceeds could be used for. While every family’s living situation is different, food, utilities, transportation, other insurance bills, and mortgage or rent payments are common essentials. With children, school or college tuition expenses are also a factor.

The Bureau of Labor Statistics provides numbers and guidelines for people who want to create an emergency fund. The figures do account for inflation and increasing prices.

During the transition period after a death, some non-essential costs may help your family maintain their familiar standard of living. These include cable bills, newspaper or magazine subscriptions, entertainment costs, and air conditioning or heating bills.

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