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Guest 6801718
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My group are cool with player character death so long as it isn't too likely to happen as random occurrence of dice.
So the by-the-book rules for death in 5th edition are acceptable to us, and we use them unaltered.
Though we do slightly alter the 5th edition rules on returning to life, as we have a house-rule to treat all expensive and expended material components as if they were normal material components - so if the party knows a spell to bring a character back to life, there is never a "do we have enough diamonds?" check to potentially fail.
That said, I should also mention that I don't use death as the only consequence of failure. I make sure that scenarios make sense, so while a hungry wild beast might be trying to kill and cart off a single creature, it won't try to kill the entire party, and while undead are likely mindless and aiming to kill, hobgoblins often want to take prisoners, and so on.
Edit: Oh, and we never fudge die rolls under any circumstances other than if I've decided to have players roll randomly to fill out a treasure they've just found (players rolling to save time, and keep them feeling engaged, rather than me taking longer to do it all myself on the spot while they feel they are in non-game mode) - but that's not really fudging since I say "Hmm, no, that result doesn't make sense here" or "That's not worth what you just went through to get it" and telling them plainly to roll again.
This is pretty much how our group handles it. We all accept the rules as they are for character death. Though sometimes what may seem like a TPK may turn out to be a captured scenario instead. It depends on the situation and whatever will be the most fun to play out. If the group drops and wakes up in the enemy's prison, it could be more fun to play the imprisonment and escape rather than make up new characters and fit them into the campaign. We do have character death when it makes sense. Being an adventurer is dangerous, after all. Though doing what is fun always trumps rules at our table.