Most airfields have a relatively clear area on the extended centreline, making it a little safer to go straight ahead if the engine stops.
Do not ever attempt to turn back to the runway below 500'.
Even in a jet, it was an ejection if we were below 800'agl - above that, we could look at a turnback, but in an unexpected failure, the delays in realising and assessing usually meant it was too late to turn back. Convert speed to height, eject. Use the Martin-Baker Departure Lounge.