What do the names Jacob and Israel represent spiritually, and why was Jacob's name changed?
Jacob represents the old life, the old supplanter and deceiver, while Israel represents the spiritual side. His name was changed because God made him a changed man: he would limp the rest of his life but would never again be a deceiver.
Les explains that the delineating part is that Jacob is that part of Israel which is still of the old life, the old supplanter, the deceiver, but Israel is the spiritual side, and consequently his name is changed. In Genesis 32, God makes the point that he is a changed man: he is always going to halt and limp the rest of his life, but he will never again be a deceiver. Jacob then asks the name, and the other blesses him there; only God can do that. Jacob calls the place Phaneel, saying he has seen God face to face. Les notes that no man has seen the invisible Godhead or Trinity, but God the Son appeared in Old Testament theophanies, such as with Abraham.