MPC Software and iLok

I'm ready to install the software for the MPC X but didn't want to lose a licence if my hard drive bit the dust, so I've been reading about the software and iLok.. anyone have experience they can help me understand what I'm doin.

Step 1 download the licence manager from iLok website
Step 2 create an iLok account
Step 3 register the MPC X

One question is before I download the MPC software should I be buying the iLok USB key?

If I don't use the USB key and my drive crashes I won't be able to unregister the software to recover my licence right?

I wanna start messin with the software but wanna protect myself first

Any guidance would be well respected

Kind blessings
KDAE