If you die, you don't have to immediately restart your life. All of your items are stored in a death chest that can be accessed for 1 hour after death.
The coordinates of your death chest are shown in the chat after you die. You will have 1 hour to access your death chest, during this time your chest is marked as protected and can only be looted by you.
After the hour expires, your chest is marked as unprotected and can be looted by anyone. However if a player who doesn't own the chest attempts to open it, they will have to fight a powerful zombie version of yourself in order to claim the items.