Yes. The ransom of a life is costly. It cost God the life of His Son, Jesus Christ.
Here's the Gospel in a nutshell.
1 Corinthians 5:1 Now I make known to you, brethren, the gospel which I preached to you, which also you received, in which also you stand, 2 by which also you are saved, if you hold fast the word which I preached to you, unless you believed in vain. 3 For I delivered to you as of first importance what I also received, that Christ died for our sins according to the Scriptures, 4 and that He was buried, and that He was raised on the third day according to the Scriptures,
Those without Christ are just like those described in Psalm 49.
Jesus came to redeem us from the grave.
He did that by dying in our place - He was buried and He rose again on the third day.