Anyone over the age of 40 may be required to pass a physical examination in order to get life insurance coverage. Typically, insurance physicals are performed by licensed health professionals (not necessarily M.D.s), who work as independent contractors for an insurance company.

Your examiner will want to get blood and urine tests that might show or confirm any medical conditions you reported on your application, as well as nicotine, prescription drugs, or any illegal substances in your body. It is also likely that the examiner will take your blood pressure, record your weight, and administer an EKG.

It's important to get plenty of sleep the night before your physical and avoid or limit intake of salt, high cholesterol foods, coffee and tea, as well as other caffeinated beverages like soda. It's also a good idea not to engage in any strenuous physical activity for at least 24 hours before the exam.

Reasons for failing the physical include: the failure to admit to taking drugs that are found in your system through the blood and urine tests, high cholesterol or extremely high blood pressure, and obesity. If you are turned down for insurance on the basis of your physical, you have the right to be informed in writing as to why you failed.

Lastly, it is important to be honest about your health conditions on your application for life insurance because if your attempt at deception is discovered through your physical or other means, insurers can flat out deny or delay payment of claims due to what they call "material misrepresentation". Remember, insurers don't like health surprises as much as you don't.