I've been contemplating that it is both. I'm alive in the mind of my 'creator', and I feel alive in my individual sense-world of form. (I'm a character in a novel!)
In Annelies' workbook Our Body Codes of Light - (image from the workbook)to be published in 2009- it describes how we as spiritual beings follow the creative idea - that as human beings we must evolve towards an awakening to our Super mind or higher mind, while we are in a physical body. Our physical body is ALL spiritual! There is nothing around us that is not spiritual. Nature, our houses, cars, people, what we use on a daily basis, everything that we attracted into our reality is Spiritual! We are co-creators of this physical reality, but in order to bypass the physical illusions our five bodily senses project as being real, we need to awaken our Soul wisdom or our higher beingness, subconscious, whatever you call the real you. We call this Spiritual Evolution.

We must awaken to our Spiritual Knowledge — and this knowledge is hidden within our Life Force, the essence of Spirit.

The Creative Power of our Life Force.

Any participant, who is drawn to a life style living as an immortal being, will need some tools that are easily mastered, like the Yogis who raise their Kundalini or life force by consciously raising their vibration levels (either through rhythmic breathing or meditation). I've experienced that when one is in a creative, or speculative mode, (no matter what form the creativity takes) a 'space' is created that has a spinning effect on our chakras. While being creative, we feed our vortices with life force. Like a turbo charge, we become more aware, more alive, more content with life, more in love with life.

The Body Codes of Light Workbook, aims for the same result as the Yogi does, meaning, to transcend each chakra's consciousness vibration until one reaches the crown chakra and liberation. This is the aim of any immortal being.
Considerations of immortality usually bring to mind the idea of unending existence, a freedom from the concerns of annihilation and death. To some that is not an idea they feel attracted to , or they can/t let go of their beliefs, but I say this… our life force CAN NEVER DIE!

The approach to physical immortality is often a spiritual one, since there are no Immortals who are atheists. Immortality always has been and always will be a spiritual pathway, and it’s open solely to those who are Pure in Heart. The Quest for the Holy Grail; Elixir of Life; Fountain of Youth; Philosopher’s Stone; Nirvana, they are all synonyms for the Immortal Pathway. As with all truly spiritual pathways there are no short cuts. Physical Immortality and eventual Ascension is the real purpose of all humanity. We call this Spiritual Evolution

Immortals aim to experience freedom from the known and the unknown; from the real and the unreal; from any appearance of division between themselves and Truth. It is the abandoning of beliefs, dis-beliefs, presumptions and stances, self, ego, call it what you will, or call it nothing, what it is, that defines an immortal being.We call this Spiritual Evolution

People who have not yet discovered their Highest Purpose in life are unlikely to be interested in physical immortality, but when they have discovered that unique something that only they can do - that Special Contribution to the World that is theirs alone to make – then we call them immortals.We call this Spiritual Evolution

I have copied some 22 divinations on immortality taken from Our Body Codes of Light - Workbook.
The divinations are:

1. Immortals are people who deeply love life.
2. Immortals absolutely respect the right of anyone to not choose eternal life.
3. Immortals have some friends who are mortal, and some who are immortals.
4. Immortals should be emotionally, mentally, and spiritually free from the need to have others see and appreciate their point of view.
5. Immortality is about self-reliance. It is a solitary path, not a “group thing”.
6. Immortals do not regard themselves as being, in any way, superior to mortals.
7. Immortals live a life with the aim of progressively overcoming all restrictions.
8. Immortals are people who see life as a divine gift that can only lead to super-abundance of health, joy, and creativity.
9. Immortals daily 'intent' is to live the immortal life (in the physical) and embrace the universe as their teacher.
10. Immortals are Creative and their artistic expressions help them to root the Great Truth of Everlasting Life within their flesh.
11. Immortals are never dependent upon visual display. Instead the maturing of their Faith into Knowledge is always an inner affair of the heart.
12. Immortals came here to live their spiritual message for themselves first...then they help others to do the same thing for themselves
13. Immortals have no interest in the subject of reincarnation (unless it clarifies what they already know) The purpose of Existence is to awaken and evolve to the Knowledge and Understanding of Everlasting Life.
14. Immortals are people who have discovered their purpose in life, their existence is dedicated to the fulfillment of the Divine Plan on Earth - that's why they will want to stick around for as long as possible.
15. When an immortal's work is done, they forget it. That is why their life lasts forever.
16. Immortals have dropped any ideas about enlightenment, all of their sensory messages like touching, smelling, seeing are gone , so they see only oneness.
17. The immortal pathway is the steepest, rockiest, and most difficult, of all spiritual pathways to walk, because the dominant culture on this planet is the Culture of Death.
18. Immortals have very sensitive hearts. They are able to detect a “disturbance in the Force field” from many miles away.
19. Immortals do not involve themselves with channeling in any way whatsoever. They are very intuitive and have a direct line with their higher beingness.
20. All Immortals are filled with vitality and health. They may appear young or ancient or any age in-between.
21. Immortalists appreciate the diversity of life.They honour and appreciate the uniqueness of every being, whether Immortalist or not.
22. Immortalists know that there is no age in everlasting life, they see the universe from the Immortal viewpoint, and experience the full force of Immortality ever present in each and every situation of their life.