Depending on how much older than 50 you are, it’s likely you’ll need to undergo a medical screening (take a paramedical exam) to apply for life insurance coverage. However, more and more companies are offering policies that don’t require a medical exam. These policies employ an underwriting process that is not dependent on a medical exam to determine how much of a risk you are to the insurance company. Underwriting is a risk-assessment process in which the company decides whether to approve your application for coverage and at what rate.