Account Renewal Entry or Standard

I'm about to renew my account. I have a couple of days left on my Free Trial Period. I see that the free account gave me Standard privileges, however I only have one character on one world since I do not have a lot of time to devote to video games. Will I lose anything significant if I renew my account as an Entry account, because until I feel like making another character on Faerie I don't really see the sense in paying extra. Also, will it affect veteran rewards?

No, and no. Neither should be effected. Character data is stored on the server so unless you delete your character manually it should persist even if you choose not to renew right away. And veteran rewards are tied to your content ID, and will be received by any and 'All' characters you have associated with it. Your subscription plan just determines how many characters you are permitted to create.