Change password apple id, iPhone lost, disconnecting from future synchronization

I've lost my iPhone which used the same Apple ID as my iPad and other iPhones. My iPhone was offline when I lost it, so until now no chance for localization. I applied as well delete all the content when connected to Wifi. I've no idea how well my data are protected. For future use of this Apple ID I would like to know what will happen when I change my password. Would my lost iPhone disconnected from any further synchronization, like password save in Safari, change of contact data, schedules ....

Or is the only way to delete the lost iPhone from the ID. I think to avoid this because I read that in this case the activation of the iPhone won't be any longer blocked.