Since Hotmail is otherwise free, I’d imagine it should remain accessible. You may lose any perks you had over the free version of the service, such as expanded mailbox size. I’ve only used the free hotmail, so I can’t elaborate further.
I own an ISP.
When you cancel if you have an @msn.com email address you will lose that email address with your service.
if the email address is @hotmail.com you will not lose the address because you sign that up independent of the Dialup account.
For those of you saying email is not tied to your service provider, that’s wrong, if the email address is comcast.com cox.com, optonline.com. If your email address is yourowncompany.com no you won’t lose it.