Upgraded access to ApplicantLab is good for one calendar year. When your initial term expires, you'll have the option to extend your access if needed at a reduced rate - $99 for an additional 6 months, or $149 for an additional 12 months of access.
If you don't extend your access, your account will just revert to a free version at the end of your year. If you decide you want to unlock things again at a later point, you'll have the option to do so (at the reduced rate).
There is a 7-day refund policy should you upgrade and then decide that the Lab isn't for you, so you have nothing to lose!