The old applications are only updated like any other update you have been doing. The new version replaces the old. So you don't even have to uninstall your old applications. The new should be the same ID.
If you have updated VC5, then yoy allready have the new.
That said, then keep in mind, that the only way you can secure your work completely, is to make your instrument tracks to audio tracks, and then also create back-ups.
A plug-in can change even in an update. Or something else can change so you can't use the plug-in. Audio is audio.
EDIT: Perhaps Piano V2 is an exception. EDIT END