What benefits do Age of Grace believers receive from the New Covenant even though they are not in it?
Believers in the Age of Grace are not in the New Covenant, which God makes with Israel, yet they enjoy its benefits: the work of the cross, the power of His resurrection, the coming of the Holy Spirit, and all the blessings of this Age. They are members of the Body of Christ, not in a covenant relationship.
Les teaches that Jeremiah 31:31 promises a New Covenant, and the context identifies it as being with the house of Israel and the house of Judah. Although many theologians claim that Age of Grace believers are under the New Covenant, Les says a plain reading of Scripture cannot support that, because God makes this covenant with Israel and no one else. Believers therefore cannot be in a covenant God makes with Israel, but they enjoy the benefits of everything God did to fulfill it: the work of the cross, the power of His resurrection, the coming of the Holy Spirit, and all the blessings of this Age of Grace. It is not a covenant relationship. They are members of the Body of Christ, He is the Head, and they are in the Body.
Behold, the days come, saith the LORD, that I will make a new covenant with the house of Israel, and with the house of Judah: