Yes this 1000x this. Maybe a persons gleam club wears off after paying for a years worth and they take a break. If they were to come back and lost everything because they forgot to renew gleam club because they had taken a break from the game then they might not come back.
Allowing people to due what you suggest would at least let them come back to the game and have stuff to rebuild with instead of just dropping the hammer of not only did you lose the land you had but also all of your items.
It could be a good idea for helping with player retention.