I was thinking of when you die in Starbound, your spirit spawns on a dead planet with other npc spirits and this is where the Grim Reaper lives. You can study the planet and how planets die. When you talk to the Grim Reaper he will bring you back to life and you can tell him where you want to spawn (must be a planet you have already explored though). this planet would be more of a little addition than anything else. Also you can't find this planet by exploring the universe, only way to get here is to die. What do you think?
Well...that sounds like an interesting ''hardmode'' version... but I think the best bet would be that you are given between 1-3 lives. Normally you would spawn back on the planet where you landed (spawn point) if you had lives! but if you have no lives, you spawn back at your space station / ship....what do you think?