Spatula said:
Reward with no risk isn't very rewarding.
I disagree. A reward for work/effort is rewarding, even if there is no risk. If you spend time fleshing out a character, time contributing to the campaign, making it fun for all, then why should that not be rewarded, even if you don't risk your character?
I said it before in numerous discussions, not everyone needs the fear of PC death. Myself, I don't play D&D to fear for my character, I am perfectly fine not to metagame and play a fearless character.
As a DM, I offer players a warning if something is suicidal, and it is up to them if they continue. However, if they stay true to their characters I won't kill the characters, no matter what. If there is a paladin who will attack undead on sight, and I accept that character, then it would not be right for me to place the character in a situation where he had to retreatfrom /not fight an undead to survive.
After all, taking characters prisoners, robbing them of their stuff, enslaving them, ruining their plans, killing dear NPCs... the game has so many more options to add consequences than death. And so many styles to choose from.
Some people prefer a game where only the smart players - not characters, players - using all kind of tactics and tricks and caution survive. I am not among them. I prefer a game where you can be the foolhardy movie-like hero ending up in hot water each session, the stupid barbarian, the noble knight, all without having those characters either die off, or end up another variant of "seasoned, cautious veteran".