Not 100% sure what you mean by 'payout after a period of time if he is still alive' - life insurance in my view is almost always best if you take it out in pure form i.e. only pays out on death with no payout if you are still alive. Whatever you do make sure you tell the insurer everything - even the time he had piles! You are far better disclosing loads of seemingly (to you) irrelevant stuff than having your insurer refuse your claim because you failed to tell them about something that's irrelevant but that they can (and will) use to refuse your claim.
Remember insurers are interested in 2 things and 2 things only: 1. Taking your premiums & 2. Finding a 'legitimate' way to deny your claim.