This has happened to me, briefly. I once forgot to renew and lost access to email. Luckily I was able to fix the issue quickly.
I do kind of wish I had never gone down the route of using my own domain for email. I use gmail with it, and will now have to bear a recurring payment of $6 monthly (IIRC). I could move hosts but none of them are free to my knowledge, and a free service comes with its own risks anyway. Plus that's my primary Google account.
Now I feel locked in ... it's less about updating my contacts, as I don't field a lot of personal or business email from that account, but more about all of the services where my account is associated with that email address. Not to mention that I've logged into some sites via Google. It would be a royal pain to switch now.
Edit: Also, my domain is super awkward, sometimes doesn't fit in the field when I'm writing it down on a form, and tends to draw comments when I just want to get my business done and go on. ALSO the account name is different from the name I actually use day to day now -- it's James when everyone knows me as Jay.