A society gets a beacon message for help on another planet. A group then travels by space ship to the planet and start following the beacon into the center of the planet. Strangely all but one member of the search team gets killed by their own fears. Example: a women gets killed by a giant worm. Finally only one guy is left and he reaches the center of the planet to find an old guy just sitting there who then dies. The last search guy realizes that he has to take over for the old dead guy and become the new guardian.

Sounds like it might be Galaxy of Terror (http://www.badmovies.org/movies/galaxyterror/).