First, if a physical exam is required by the life insurance company you are applying at, they would send a medical nurse or you could be sent to one, to have a physical completed similar to an annual physical check-up.
A regular paramedical exam for life insurance is where a technician is sent to your home, place of work, or another setting you agree upon, where he or she will ask you several medical questions about your medical history which the insurance company wants answers to. The technician will check your Blood pressure, perform a blood draw, ask you for urine in a cup, and take your measurements.
It really all depends on the life insurance company, your age, and how much life insurance you are applying for.
Here's how you can learn more about how a life insurance medical exam works.