Product review (2 stars): NO you do not need this expensive tool unless you repair LG machines for a living.
Tool absolutely NOT needed if you have a 2nd set of hands to help out briefly. See reviews on Alt. link for this LG product. I used the following, with just a set of extra hands, needlenose pliers, and flat head screw driver.

https://www.amazon.com/review/R3C5SU1XVV6V7M/ref=cm_cr_rdp_perm?ie=UTF8&ASIN=B00AMF8HF8