Read the fine print on the policies- many are based on the social security definition of disabled and not really just loss of license. This means you only get paid if you can't do ANY kind of work- not just not able to be a pilot. Let us know if you find anything reasonable- I've looked and haven't found anything that I felt was worth the price of coverage.
ALPA LOL insurance is paid tax free(in my case, I opted for $4200.00 a month) should you lose your medical and or license and cannot perform the duties of a pilot. This is in addition to your company's LTD plan. The company sponsored LTD plan is taxed however. If it is done properly, your LTD plus LOL should pay you at least 90 percent of your lost income until you either reach retirement age or are able to return to the cockpit.