So, dying is very likely. As all of you start off weak, many of you will die a few times through-out your time in this guild.
Many of you will be pissed about dying. Well suck it up.
This gives you a reason to not just do something idiotic. It causes you to really work with your character. Creates a bond between you and your character. A bond that will most likely be destroyed later.

Now, yes, you can be revived. But thats a very high level spell, so it will be expensive. And you are limited to the gold you make from questing under a DM.

There are many rules to being revived, the most obvious of is the loss of a level.