No it's not, what are you talking about?
You get five player slots, so if one player dies then you just switch to one of the other four - or if you are that bad and you manage to get all five killed within an hour, then just delete one and create another.
The whole point of the 1-hour wait is that makes it meaningful when you die, so you have to think before you act. Don't forget that each player will have a Skill Tree, so for some of your high-end players you won't want to loose the ability to play with them (for a while), so you'll be less inclined to take risks... maybe.
Hardcore mode takes it to the next level in-that you wont be able to revive a dead player at all, i.e. once he's dead he is effectively deleted. The trade-off there is that the Hardcore servers will have better loot.