Check Point product licenses apply to two types of products (blades):
Permanent Blades like Firewall (CPSB-FW), IPSec VPN (CPSB-VPN) etc. - these licenses are valid indefinitely (perpetually)
Service Blades like Anti-Virus (CPSB-AV), Anti-Bot (CPSB-ABOT) etc. - these licenses need to be renewed in order to work and to download updates.
Obviously renewing Services Blades – Threat Prevention ones like IPS, Anti-Virus, Anti-Bot, Threat Emulation, Threat Extraction, Zero Phishing and Access Control ones like Application Control and URL Filtering will greatly improve your protection again a wide variety of threats.