I don't think its a matter of "losing your light" but of if your ghost can revive you in time. Think of it; Every time you die your ghost is their doing its thing trying to revive you, what happens when we remove your ghost from the equation? Simply put, you die for good like it says in Ghost Fragment: The Hive 2 " At the doors to the Temple he fell for the last time. He fell, and I could not reach him". The Hive was able to capture the ghost before he was able to revive his guardian and as a result he died for good.