Hello,
The email address is simply an alias/username, so if your ISP email goes away, you can still use it as username to sign into your Microsoft account.
However, the problem is, if you have two-factor verification set up, and if the code is sent to to this email address, then you will run into issue as you wouldn't receive the code.
So the best practice is the following:
Sign into https://account.live.com
Go to Your Info > Sign in preference, Add an alias.
You have two options here:
Create new: this will allow you to use the native domain outlook.com to create a new alias.
Add existing: this will allow you to add a 3rd party email address, such as yahoo, gmail, as long as they are not already associated with another Microsoft account.
Once added, make this new alias your primary alias, then you can delete the other email as alias.
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Next, very important, go to Security > Manage how I sign in.
Here, if the ISP email is listed, you want to add a different method, and then remove the ISP email.