The phrase “grace of life” is best taken as two words that define each other; that is, the “grace” God has given is “life.” This “life” is the result of being “born again” so as to possess “a living hope” through Jesus’ resurrection from the dead (1 Peter 1:3).
7 Likewise, husbands, live with your wives in an understanding way, showing honor to the woman as the weaker vessel, since they are heirs with you of the grace of life, so that your prayers may not be hindered.