Generally, a pay out is guaranteed with life assurance, but only if all necessary information is disclosed on the application.
If upon your passing, information is found to have been non-disclosed, the policy is invalid and a pay out will be denied.
This is also the case with life insurance, so regardless of the policy you choose it's essential you're truthful during the application.
Whole of life insurance may be cheaper on a monthly basis then an over 50s plan but can be more expensive in the long run.
Whilst monthly premiums may be lower, there's the possibility that in the long run, a whole of life policy can end up costing you more.
In some instances, over 50s plans only require you to make payments until a certain age, this is usually 90.
Therefore, depending on the age you were when you took out the policy and how long you live, a whole of life insurance policy could result in you paying more.