Eternal Life is the concept of living forever, in heaven with God in pleasure. Note that this is used in various peculiar ways, and some notions are not included. All humans will live forever, somewhere. Those who trust is the Savior will live forever in Heaven with God, and those who do not, will live forever in hell. The Bible never gives the label “eternal life” to those in hell. That is because eternal life is an infinite time in heaven, and it is in the good graces and pleasure of God, but it is also a way of living. It is entirely correct to say that the redeemed on earth still have eternal life.
Note that Universalists take the position that hell has a certain time limit, and after that time limit, God will eventually let them into heaven. That is unbiblical