Michael Mackintosh is a surveyor with his own business. He has an income of $200,000 and pays tax of $70,000. His personal (not business) expenses, including mortgage repayments, amount to $60,000. George is in good health, aged 55. In effecting an income protection policy, the insurer will limit the cover to 75% of income.

a) What monthly benefit level would you suggest Michael take?