Michael Mackintosh is a surveyor with his own business. He has a taxable income of $200,000 and has very limited savings and limited sick or annual leave. His income could fluctuate in the future. Given that he is the sole bread winner and has 3 financial dependants, you have educated him as to the importance of having appropriate personal insurances.

In relation to income protection, what would you recommend in relation to the following?

a)What monthly benefit level would be appropriate for Michael and why?

a)What benefit period would be appropriate for Michael and why?

b)What waiting period would be appropriate for Michael and why?

c) Would you recommend an indemnity or agreed value product and why?