No, that is not what the Bible teaches. Where did those who obtained approval through faith go under the Old Covenant? To Abraham's bosom. They waited in comfort until Christ, subsequent to His crucification, took them to heaven. Thus each of them was regenerated after Christ died, not before.
Under the New Covenant, we are set apart in Christ (baptized into Christ's death and arise a new creation, born from above)and when we arise, we are alive, regenerated, justified, saved, redeemed and glorified spiritually.
We are already saved/sealed/adopted/justified. getting more saunctified, ONLY thing left to complete salvation is our glorification!