When you are buying either term or whole life insurance you may be asked to go through a medical exam as part of the underwriting process. This is not necessary for most young people taking out small policies, but for applicants in their 40s and 50s who want more than $100,000 in coverage it is likely you will at least need a paramedical exam. A paramedical exam is usually completed at your home or office by a licensed medical professional hired by the insurance company.