It is Well
“Unlike many heartbreak songs, it focuses less on what what was lost and more on where hope can be found. No doubt Spafford was shattered by the loss of his daughters, but his heart turned to the faithfulness of God in the midst of loss and the work of Jesus to rescue sinners. The hymn does not diminish or gloss over pain and tragedy but rather proclaims that God is present in them and greater than them.”
Read more of the story here and lyrics here.