Well I assume (Not tried this) that you could delete the event once the character "dies" since it'll still make it invisible, but as far as I know, events can never overlap each other, so maybe that's why?
If this is true, then what you'll have to do, is make a switch saying like "character dead" (You can name it anything really), and once the player "dies", you can turn it on. Now, in the character that dies event, on the left you have the conditions, add the switch into the conditions, and then in the event commands area, just add an "Erase Event", it's on the left, near the bottom on the first page.
Try that and see how it goes, again I'm not 100% sure since I've not done it myself though...
Oh, and this is assuming your chararcter that dies doesn't have anything inside its event command list, and is being controlled by a seperate event (That's how I do it, so you have a lot of characters with blank event sheets on a map, and an invisible one somewhere in the corner that controls them all)