What is the purpose of a loss of dependency award under the Fatal Accidents Act?

The purpose of an award dealing with the loss of dependency is set out by Lord Diplock in Mallet v. McMonagle, [1970] A.C. 166 at 174: . . . . [T]he purpose of an award of damages under The Fatal Accidents Act is to provide the widow and other dependants of the deceased with a capital sum which with prudent management will be sufficient to supply them with material benefits of the same standard and duration as would have been provided for them out of the earnings of the deceased had he not been killed by the tortious act of the defendant, credit having been given for the value of any material benefits which will accrue to them (otherwise than as the fruits of insurance) as a result of his death.