Characters die of old age in the Total War series and it is became a multimillionaire series that spawn sequel after sequel, you may say you don't like it, but I CAN imagine how it would be and it would be succesful.
Yeah, I'd love it if characters could die of old age, it gives more meaning to what they do I think, makes for a better story. Children inheriting strengths of their parents would maintain the stat progress too.
It would really shift the game focuss from one sovereign to a royal bloodline, like a true monarchy. which I think would be sweet.
It would also open up new gamplay choices revolving around thrown inheritence, such as possible rivalry, atempts at usurping the thrown, and whatever else a more imaginative mind can come up with. Always seemed kinda strange to me to focuss on characterization in a game like this without at least going as far as Total War did.