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Negatory...
A CFI requires just a 3rd class medical (and in some cases no medical at all).
§ 61.23 Medical certificates: Requirement and duration.
(a) Operations requiring a medical certificate. Except as provided in paragraphs (b) and (c) of this section, a person—
(1) Must hold a first-class medical certificate:
(i) When exercising the privileges of an airline transport pilot certificate; or
(ii) If that person has reached his or her 60th birthday and serves as a pilot in 14 CFR part 121 operations. Notwithstanding the provisions of §61.23(d)(1)(iii), that person's first-class medical certificate expires, for 14 CFR part 121 operations, at the end of the last day of the 6th month after the month of the date of examination shown on the medical certificate.
(2) Must hold at least a second-class medical certificate when exercising the privileges of a commercial pilot certificate; or
(3) Must hold at least a third-class medical certificate—
(i) When exercising the privileges of a private pilot certificate;
(ii) When exercising the privileges of a recreational pilot certificate;
(iii) When exercising the privileges of a student pilot certificate;
(iv) When exercising the privileges of a flight instructor certificate and acting as the pilot in command;
(v) When exercising the privileges of a flight instructor certificate and serving as a required pilot flight crewmember;
(vi) When taking a practical test in an aircraft for a recreational pilot, private pilot, commercial pilot, or airline transport pilot certificate, or for a flight instructor certificate; or
(vii) When performing the duties as an Examiner in an aircraft when administering a practical test or proficiency check for an airman certificate, rating, or authorization.
(b) Operations not requiring a medical certificate. A person is not required to hold a medical certificate—
(1) When exercising the privileges of a student pilot certificate while seeking—
(i) A sport pilot certificate with glider or balloon privileges; or
(ii) A pilot certificate with a glider category rating or balloon class rating;
(2) When exercising the privileges of a sport pilot certificate with privileges in a glider or balloon;
(3) When exercising the privileges of a pilot certificate with a glider category rating or balloon class rating in a glider or a balloon, as appropriate;
(4) When exercising the privileges of a flight instructor certificate with—
(i) A sport pilot rating in a glider or balloon; or
(ii) A glider category rating;
(5) When exercising the privileges of a flight instructor certificate if the person is not acting as pilot in command or serving as a required pilot flight crewmember;
(6) When exercising the privileges of a ground instructor certificate;
(7) When serving as an Examiner or check airman and administering a practical test or proficiency check for an airman certificate, rating, or authorization conducted in a glider, balloon, flight simulator, or flight training device;
(8) When taking a practical test or a proficiency check for a certificate, rating, authorization or operating privilege conducted in a glider, balloon, flight simulator, or flight training device; or
(9) When a military pilot of the U.S. Armed Forces can show evidence of an up-to-date medical examination authorizing pilot flight status issued by the U.S. Armed Forces and—
(i) The flight does not require higher than a third-class medical certificate; and
(ii) The flight conducted is a domestic flight operation within U.S. airspace.
My emphasis added in bold.
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