It is true that the blood of Christ is surely sufficient in value to cover all sins; if, therefore, all sins are covered, then all people will be saved. Christ's death was a substitutionary endurance of the penalty of sin in the place of certain specified sinners. Christ's redeeming work was intended to save only the elect, those whom the Father had given him, and actually secured salvation for them. Christ's redemption secured everything necessary for the elect's salvation, including faith which unites them to Him. The elect are the sole object of God's saving grace.
Mat 1:21; 20:28; John 10:14-18, 17:9; Acts 20:28 Rom 5:8-9; Titus 2:14; Rev 5:9