To really feel the force of this truth about hope and love, we need to step back and get the big picture of chapter one, and then look closely at what Peter is saying in verses 22-25. Chapter one is overwhelmingly about hope. Being born again by the power of God means becoming a person with living hope. I would go so far as to say, in view of what we will see, that the essence of the newness of the new person who comes into being at the new birth is that the new-born person relentlessly hopes in what God can do rather than what man can do. And what verse 3 says is that God raised Jesus from the dead to give us that kind of hope.
Death is now no terror.
The worst enemy of our future is destroyed. The future God has laid up for us will be there. It will not perish or spoil or fade. God sees to it, with omnipotent power, that our faith does not fail. He confirms this in verse 7 by contrasting gold which perishes with our faith which does not.