Maybe this will help:
"20 He went on: “What comes out of a person is what defiles them. 21 For it is from within, out of a person’s heart, that evil thoughts come—sexual immorality, theft, murder, 22 adultery, greed, malice, deceit, lewdness, envy, slander, arrogance and folly. " (Mark 7:20-21 NIV)
Like the bodily fluids that, by nature, come out of our bodies and made us unclean and unfit for fellowship with God and his people under the law, so it is that the things that Jesus speaks about, by nature, come out of our bodies and make us unclean and unfit for fellowship with God and his people. People who become unclean by these natural emissions of man (gossip, slander, etc.) make themselves unfit for manifest fellowship with, and worship, of God. See the parallels? They're undeniable, IMO.
Like the Israelites, you don't lose your salvation. You lose your covenant privileges. I'm personally convinced that many in the church can't relate to the sense of being put out of the manifest covenant privileges of the Holy Spirit because they have little to no experience in that to begin with to compare not being in those to.
Only disowning Christ altogether can remove you from salvation (whether you actually had it to begin with is what is in debate, not that disowning Christ keeps you out of covenant altogether with him).
I'm curious what you mean by "Covenant priviledges". Do you mean to be blessed in all that we do?