What you are saying is different in context from this:Exactly, this means a person cannot be judged until after they die.
1 Corinthians 11:31 KJV - 31 For if we would judge ourselves, we should not be judged.
Not only according to the Law, but this is the consequence for sin before the Law since Adam and Eve. When you say penalty are you saying a judgment for sin on this earth and how does forgiveness of sins figure into that idea or statement?What is the penalty for sin? Death? Yes, death is the penalty.