We are Dispensationalists that hold to a literal interpretation of the Bible.
A dispensation is a period of time.
Ephesians 1:10 That in the dispensation of the fulness of times he might gather together in one all things in Christ, both which are in heaven, and which are on earth; even in him:
Acts 3:21 “Whom the heaven must receive until the times of restitution of all things, which God hath spoken by the mouth of all his holy prophets since the world began.”
(Romans 8:28) “And we know that all things work together for good to them that love God, to them who are the called according to his purpose.”
All Bible readers understand that there is at least two dispensations, or two distinct periods of time called “Testaments”. The Old Testament and the New Testament. Therefore, all Bible readers are dispensationalists. And the proper method of studying the word of truth is “rightly dividing”.
2 Timothy 2:15 “Study to shew thyself approved unto God, a workman that needeth not to be ashamed, rightly dividing the word of truth.”