Everybody dies this death, including believers. At first, a person may think this says that Satan has supreme rule—because he has the power of death (Hebrews 2:15)—and every human loses. However, we cannot forget Christ's death on the cross. His death wiped out the curse of death hanging over us due to our sins, and He remains our faithful High Priest. Thus, more remains to be understood about this verse.
How does this verse affect us? Paul writes in Colossians 2:11-14:
In Him you were also circumcised with the circumcision made without hands, by putting off the body of the sins of the flesh, by the circumcision of Christ, buried with Him in baptism, in which you also were raised with him through faith in the working of God, who raised Him from the dead. And you, being dead in your trespasses and the uncircumcision of your flesh, He has made alive together with Him, having forgiven you all trespasses, having wiped out the handwriting of requirements that was against us, which was contrary to us. And He has taken it out of the way, having nailed it to the cross.
The apostle explains that a Christian is free from the bondage of death because Christ's death has removed the charges of sin against us. Jesus, in Revelation 1:18, adds another factor in our favor: “I am He who lives, and was dead, and behold, I am alive forevermore. Amen. And I have the keys of Hades and of Death.”
Christ, because He paid the penalty for our sins and simultaneously defeated Satan, now holds the power of life and death for the converted. At this point, matters become clear. For Hebrews 9:27 to be true, Christ's blood does not cover the first death, which everybody faces, but it indeed covers the seconddeath, eternal death of the Lake of Fire. Revelation 20:14 confirms a second death: “Then Death and Hades were cast into the lake of fire. This is the second death.” Revelation 21:8 adds detail: “But the cowardly, unbelieving, abominable, murderers, sexually immoral, sorcerers, idolaters, and all liars shall have their part in the lake which burns with fire and brimstone, which is the second death.”
Paul offers us assurance in Romans 8:37-39:
Yet in all these things we are more than conquerors through Him who loved us. For I am persuaded that neither death nor life, nor angels nor principalities nor powers, nor things present nor things to come, nor height nor depth, nor any other created thing, shall be able to separate us from the love of God which is in Christ Jesus our Lord.
At this time, the unconverted face both the first and second deaths. They are still held eternally in Satan's slavery unless converted between now and the igniting of the Lake of Fire.
John W. Ritenbaugh
Ecclesiastes and Christian Living (Part Eight): Death