Reconciled AND saved by his life are different parts of God's salvation
Read this verse in Romans chapter 5 and take special note of the tenses used to describe reconciliation and salvation by his life.
Rom 5:10 For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life.
Let's take a deeper look at what it is saying:
--being reconciled
Reconciliation is the first part of our salvation. It is the part that the majority of believers understand and relate to. Reconciliation comes about by being justified through the hearing and believing of the grace gospel. In simple terms, Romans chapters 1 to 4 educate us on God's righteousness, man's unrighteousness and ungodliness, God's wrath upon those who reject Him, and God's grace upon those who believe in His Son. It is through this grace of God, by means of the cross of Christ and His resurrection, that God can be just and the justifier of them that believe in Jesus, Rom 3:26.
This justification was settled 2000-years ago at the cross. God's decree is that those who believe on the cross work of His Son freely receive this justification. This is already done, hence it being past tense. We are given confirmation of this fact in chapter 5, which is the conclusion of chapters 1 to 4. Chapter 5 and verse 1 starts with the word, "Therefore...", which means that we take into account all that was said in chapters 1 to 4, and then we conclude with this:
Rom 5:1 Therefore being justified by faith, we have peace with God through our Lord Jesus Christ: (2) By whom also we have access by faith into this grace wherein we stand, and rejoice in hope of the glory of God.