In the AF the answer is, depends on how you lost your medical. If it is something that prevents you from flying but not from serving, there are many options available from cross training career fields to filling jobs that require
rated personnel. I've known several people who lost their medical who served quite usefully to retirement.
For a Delta pilot, if you lose your medical you will be pay protected till you run out of sick leave, then transition to long term disability until age 65. LTD is basically half pay. Depending on your position when you become sick (and how much alimony you owe) this can be a pretty not bad amount of money. Obviously a huge paycut, but in raw terms you shouldn't be eating cat food. If pilot joined DPSP they can be made financially whole for up to two years.
There is loss of license insurance, the little I've seen didn't seem to have much value. But honestly, I know very little on subject.