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I used to work customer support for a company that provided such a service. The main thing I would remind you is that it is not a dedicated line. There is no promise of service. So, if your internet connection goes down, or your power goes out you WILL NOT be able to make 911 or other emergency calls. I can't tell you how many awful stories and angry customers I would hear from who neglected to read the fine print when they signed up for this service.
It's certainly a great service, but keep those things in mind. If you do not have a cell phone, or a hard line as a back-up service in case of power outage you do not have a phone line. In your case I would certainly replace at least one of the lines.
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