Michael is a surveyor with his own business. Taxable income of $200,000 and limited savings/ sick or annual leave. He sole bread winner and has 3...

Michael is a surveyor with his own business. Taxable income of $200,000 and limited savings/ sick or annual leave. He sole bread winner and has 3 financial dependants.

In relation to income protection, ?

What monthly benefit level/period and waiting period would be appropriate? Would it be recommended an indemnity or agreed value product?