When King says "If I ever leave this world alive," he's not talking about dying. The word "world" doesn't necessarily mean the earth. He's instead talking about his immediate world, his neighborhood, city, what have you. It's the world that contains the person he is singing the song to, be it his mother or lover. It's hard for me to imagine it being a man he's singing to as a woman sings the "I'm okay" part.
He's saying that no matter where he goes in his travels, no matter where his life takes him, he'll always be protecting the woman. He's reassuring her. He might never leave her side, but he just wants to let her know that she'll always be with him and that he'll always be with her, at least in spirit. "Whever I am you'll always be more than just a memory."
In my opinion, Rhieghland got the meaning right.
When King says "If I ever leave this world alive," he's not talking about dying. The word "world" doesn't necessarily mean the earth. He's instead talking about his immediate world, his neighborhood, city, what have you. It's the world that contains the person he is singing the song to, be it his mother or lover. It's hard for me to imagine it being a man he's singing to as a woman sings the "I'm okay" part.
He's saying that no matter where he goes in his travels, no matter where his life takes him, he'll always be protecting the woman. He's reassuring her. He might never leave her side, but he just wants to let her know that she'll always be with him and that he'll always be with her, at least in spirit. "Whever I am you'll always be more than just a memory."