Charles Ellicott Commentary Psalms 116:15

"Precious in the sight of Jehovah Is the death of his saints." — Psalms 116:15 (ASV)

Precious ... —This is only another form of the statement in Psalms 72:14. But again we have to ask why the thought of death should intrude upon the psalmist at this moment. (See Note, Psalms 115:17.) The answer is that, as in Psalms 116:8, a recent deliverance from death is spoken of.

It is natural to take this psalm as a thanksgiving song for the safety, perhaps victory, of the survivors in some battle, but then the grateful community naturally and dutifully remember the dead.