No, but it needs a permanent death mode for the hardcore. Upon death, all items on and the character itself are deleted.
Flip side is, permanent death characters are rewarded with the best loot in the game for sequentially completing events
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With all the BS stuff that happens in Destiny, that wouldn't be the best idea. Imagine all the times you've died because you fell 2 feet but you hit a jagged corner that somehow killed you. Or how about all the times you thought you could kill that Phalanx with a shotgun, but he meleed you and made you hit a wall and die instantly.