That's correct. So long as what you bought isn't the Office 365 service, then you own this software forever. Compatibility updates are included, but when 2020 or other features occur, yours won't update to those unless you buy them as well. With Office 365, the subscription service, you get those services yearly. Don't forget the email you used to activate your product because if you ever need to re-download the software to a different computer, it is attached to that email key.