Death is a possible consequence in my game and I enjoy the game less if it is not a possibility. I know this because I run Adventure League where death has no impact and it certainly changes how some players approach the game. My son and I were just talking about this last night after an Adventure League game and he made the same observation.
Having said that, for a couple of our players at the Adventure League table having their character die would be real-life devastating. I pretty much give them death immunity, because it would greatly reduce their enjoyment of the game. Yes, I cater to players in Adventure League - for me that's the whole point of AL - trying to build a better and bigger local player base.