When I listened to the song, I felt that it was "telling a sad story". I decided to look up the music video to see if it showed any "hints" as to what the song means, and I'm guessing from the music video;
He proposed to her, she said no, he got angry with her, she became depressed and killed herself with drug overdose.
So maybe he's singing about BEFORE she killed herself, hence "While she's still around".
:)
