Many preachers on television downplay the phrase Fear of the Lord. I have heard it referred to as respect the Lord, hold the Lord in awe, or reverence of the Lord.
These preachers downplay the truth. The correct interpretation – Fear of the Lord means Fear of the Lord. When we sin and fail to confess our sin and fail to turn from it we risk eternal damnation.
Matthew 10:28 KJV And fear not them which kill the body, but are not able to kill the soul: but rather fear him which is able to destroy both soul and body in hell.
God is a great and terrible judge. Hebrews 10:30-31 KJV For we know him that hath said, Vengeance belongeth unto me, I will recompense, saith the Lord. And again, The Lord shall judge his people.  It is a fearful thing to fall into the hands of the living God.