We are told that God has made us alive together with Christ . Christ has given us new life. We no longer exist, we now really live. He is not merely referring to life eternal, He is also referring to life abundant. The life of Christ lives in us, and we live in Him.
Deliverance is also by grace .
The parentheses at the end of verse 5 is an important one. There it reveals that by grace you have been saved . The grace of God is His unmerited favor. Our salvation comes as something we do not deserve. It is given to us as a gift based on what Jesus Christ did for us on the Cross of Calvary.