I imagine there will be checkpoints the game will save at. Far as I know you can die from the environment changing around you and certain encounters with "monsters" For example at the end of that clip where you supposed to not look directly at the monster in the hallway, just like the 2016 BW film. You can also fight other enemy types off with your flashlight, similar to Alan Wake they will react from the light. I'm not sure if Bullet can die mid game though. We'll find out!