Because you are one of several people who are executed in this dream, your dream indicates an event that is affecting a large number of people, rather than an action that concerns only yourself. Accordingly, your dream most likely reflects frustrations you are experiencing at work (a social environment), rather than uncertainties about your romantic direction.
In a work environment, “getting the ax” is a common expression that means we soon will be without a job. (We also say that we will have our “head handed to us.”) Death in dreams is a metaphor for change and separation. Therefore, your dream of being beheaded almost certainly represents concerns you have about changes in your career.
Because you are the captain of a 747 commercial jet airliner, the terrorist attacks of September 11 naturally have impacted your job security. The panic you feel in the dream, at being caught between “both worlds,” represents fears you hold as you wait for recent events that have impacted the airline industry—including massive job “cuts,”—to sort themselves out. Does it make sense that the others who also “get the ax” in your dream represent coworkers in the industry who already have lost their positions?
The belief that you can not die in a dream because then you would die in real life is false. (You are living proof!) Rather than reflecting the future, dreams of death are common during periods of transition: the end of high school or college, during a separation or divorce, or as we experience change in our careers. In your case, the job security you enjoyed prior to 9-11 has “passed away,” while the future remains uncertain.
We hope you survive this period of turbulence in your career, and that you soon are flying in safe and friendly skies!