@MD Irshad Ansari using a route based VPN (VTI/DVTI) as opposed to a policy based VPN is preferred design nowadays.
Yes, use DPD to detect if the remote peer is down. Use periodic where the firewall will probe even when traffic is active. Or on-demand, probes are sent when traffic is idle (saves bandwidth if that is a concern, but less responsive).
Use a dynamic routing protocol and tweak the timers or use BFD, for faster failover. If you must use static routing, then you would need to use IP SLA and tracking for failover.
If peer's have DHCP WAN addresses, you could set the IKE identity to be email, domain or fqdn as opposed to IP address. Therefore the peer would send the same identity regardless of whether the WAN has a new IP address.
Refer to the Cisco VPN guides for more information - https://www.cisco.com/c/en/us/support/docs/interfaces-modules/virtual-private-network-module/221568-vpn-technologies-documentation-reference.html