ALittlePush
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Another reason for Odin to still be alive: Loki very likely needs to siphon Odin's power in order to impersonate him successful. Otherwise, his ruse could be revealed at any moment, if "Odin" needed to exert his powers on levels beyond what Loki could duplicate or fake.
I don't think Loki would need Odin for the power because Loki has Gungnir (or whatever Odin's staff is called). However, I do think Odin is still alive because Loki, whether he wants to admit it or not, subconsciously wants Odin's approval.
We saw this in Thor 1 "I could've done it father, I could've done it. For you! For all of us".
In TDW, Loki explains his actions in the Avengers as "I went down to Midgard to rule the people of earth as a benevolent god, just like you".
What's the odds that Loki rationalises usurping the throne as taking the opportunity to prove that he could be a good king just like Odin. He was so good at it that nobody noticed that it wasn't Odin himself.