This is a tough passage today! There are so many questions deserving of study really before making a paraphrasical conclusion. For example, is James really talking about the physical death of a believer (he is afterall talking about a believer)? Or is he referring to saving the brother from losing his salvation (whose sin would otherwise go uncovered)? These are difficult questions.
Looking at the context, however, reveals that James is referring to those who are sick (whether physically or emotionally is not stated). He essentially says that it is important to confess sins to one another and the implication is that sickness will be healed as needed and prevented in the first place. This seem to indicate that James is referring to physical death – that the believer could actually have his life cut short by continual sin. If this is the case, then it seems likely that the “covering over a multitude of sins” refers to the sins that would have been committed had it not been for the correction. With this in mind, a paraphrase might look like this:
“My brothers, if you should help a follower of Christ turn back to Him, if you should help the prodigal child so to speak, you are doing a great thing for him! When you do this, you may be literally preventing his death and at the very least preventing him from continuing to walk a life of sin.” (James 5:19-20)
Regardless if I have misinterpreted this passage, the thrust of the passage is an encouragement to be my brother’s keeper. It is a good thing to help turn a fallen believer back to God. I know that is difficult. I know that from personal experience. Confronting someone on misbehavior is a difficult thing to do. It requires humility and courage – something I lack! Sadly, I have allowed people to walk apart from God because I was afraid to confront.
My prayer is that I would have the courage to this thing that I absolutely know is a good thing for the fallen. Lord, give me courage to confront!