No, you have a contract with the photographer (and any photographer worth their salt will provide you with paperwork to prove this) and that contract guarantees your use of the images which have been taken, a licence should also be written down so that it is clear where and for how long images may be used. Unless you break the agreement by not complying with its terms and conditions then the licence can't be cancelled at whim by the photographer.

The licence will also have an expiry date after which you will no longer be licenced to use the images. This allows the photographer to tailor prices to customers' needs, but remember that the licence only controls your rights to use the images in your promotions and other commercial activity, so when the licence expires, if you aren't planning on printing any new material etc. with the photographs then you don't need to renew it. For my licences you only need to renew for new uses (or if online, to use the images on a new domain name), you still have the right to use materials which you already have that include the images.