Well, it seems to me that he is singing about a personal experience. Perhaps he lost a loved one. But I found the last line very touching. When he asks "Who's going to watch you die?", he is asking who is that will be there for you, loving you, caring for you. All the way until the end.
He could also mean die in a metaphorical sense in that sometimes we can break down so far during times of crisis or other personal life changing events. But are we all so blessed to have someone be there with us during these "deaths". To help bring us back to life. To pray for us. To believe in us. To love us.? I don't think the song is bad at all. I think it's absolutely beautiful! :)