I understand the confusion over the tagline, but honestly most people fail to understand Jacob's Ladder as it's meant to be interpreted and instead hold firm to a much simpler explanation. It is not one of those "it was all a dream" films as so many seem to believe. Its ambitions are far greater, its story far deeper and more complex than that.
Jacob is not dreaming, he's dying. For most of the film, his soul is essentially in limbo, which is why he's being exposed to such powerful forces of both good and evil. Louie's paraphrasing of Meister Eckhart explains everything. First he says that, if someone is afraid of dying, they'll see demons tearing their life apart. In Jacob's case, the demons come in frightening forms from the man with the shaking head to the winged creature dancing with Jezz to the doctors and patients in the asylum. Then Louie says that, if someone has made their peace, they'll see that the demons are really angels freeing them from the earth. Jacob's angels come in friendly, familiar forms including little Gabe and, most obviously, Louie himself.
The film is about a man struggling to let go of his life. He experiences a combination of memories, fantasies, and deep-seated fears while agents of heaven and hell descend upon his soul to exert their influence. The demons want Jacob to hold on to his life and succumb to his fears just as the angels want him to accept his death.
To be fair, I suppose it could be that there are no actual angels or demons, that it is all just in his head. Maybe the part of his mind that's denying his death is at war with the part that's accepting it. Maybe it doesn't matter, but I do believe the other interpretation is thie intended one. Whichever the case, the tagline is still accurate. Jacob's experience is no more a dream than those of the med students in Flatliners when they temporarily die. Both pictures presume the existence of an afterlife that a person can glimpse before they completely expire.
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