LoginWP will continue to work, and you’ll continue to receive support and updates, even if you cancel your subscription before it expires (expiration is one year from the date of purchase). If you allow your subscription to expire, and you fail to renew it, you will lose all premium features.
Note: if your license expires before you renew, none of your data will be deleted. If you choose to renew your subscription, all premium features will automatically be available.