Live+ =1 year of live+all region+all aircraft
All aircraft and région are just for 1 year?

Yep. You’re correct :) Once it expires, everything becomes paid again

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Absolutely correct.

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Yes you pay for live plus and get it all for a year then after the year is over everything goes back to normal, so any aircraft or regions you’ve purchased separately you will keep any others do back to either being payed of you have to get live+ back