Eternal Security 
and 2Tim 2:11-12

This is a faithful saying: For
if we died with Him, We shall also live with Him.
If we endure, We shall also reign with Him.
If we deny Him, He also will deny us.
There are three main positions concerning the issue of Eternal Security - that is, the issue of Once Saved, Always Saved. They may be given different labels, but lets call them Free Grace Theology, Lordship Salvation, and the Arminian or Conditional Security position. Free Grace Theology affirms the idea of Once Saved Always Saved (OSAS), but that there is not necessarily any correlation between a person's behavior and their salvation status. Arminian Theology denies OSAS, but rather that a person having obtained salvation can lose it. Lordship Salvation affirms OSAS, but also that there is an inevitable correlation between a person's behavior and their salvation status. That is they differ from Free Grace Theology on the issue of the basis of one's assurance of salvation and on the doctrine of the Perseverance of the Saints.

Possible interpretations of the verses above from 2Timothy 2 clarify the distinction:

Free Grace Theology Only considers the first condition
Arminian Theology  Fails to consider the first condition
Lordship Salvation Takes into account all conditions

That is Free Grace Theology affirms the idea that a PAST event (if we died with Him) secures our FUTURE destiny (We shall also live with him) But the ideas that our reigning with him being contingent upon our enduring, or the idea that our denying him would lead to him denying us is not palatable.

In contrast Arminian Theology affirms that our FUTURE destiny is contingent upon the continued practice of our faith. But they would have problems honestly dealing with the first condition - which is really a promise that a past event secures our destiny.

Lordship Salvation is kind of the middle ground which incorporates all these conditions. Yes our destiny is secured for us at the point we died with Christ. But the effect of that death and of the rebirth by the Holy Spirit which follows is of such a nature that one will endure to the end. "For everyone born of God overcomes the world." 1John 5:4 Those who have been born of God will not deny Him.

The Berean Christian Bible Study Resources