You don't get a physical for life insurance. You get a paramedical exam, by a paramedic or nurse practicioner.
The life insurance company picks the person and sends them to you. The life insurance company pays for the cost of the paramed exam. They won't check your testicles, but the will check your temperature, blood pressure, pulse, take some blood, and probably a saliva sample and urine sample. They'll also verify your identity.
They will normally send somebody out to you. The exam and how thorough it is will depend upon the life insurance company, your stated health, and how much life insurance you are getting.
Here's how you can learn more about the life insurance medical exam.