1. The license is persistent. You do not need to renew to continue using it.
2. Renewing the support entitles you to the latest releases and maintenance packs, as well as access to our 24/7 technical support staff. If you don't renew support after the initial support period expires, you would not have access to new releases which might contain bug fixes or feature enhancements, and you would not be able to call technical support if you did experience an issue.
3. After support ends, features of the software are not disabled. It will continue to function as normal.