the photography plan is the least expensive way to get ps (even if you have no need for the latest lr), Creative Cloud pricing and membership plans | Adobe Creative Cloud
if you do want to use the latest lr, you need not remove your lr5 and, if you ever stop your cc subscription, you do not want to lose your lr serial number (so you can re-install lr 5 in the future should the need arise).
how to prevent lr cc installation from removing your lr5:
To be clear, this will then keep my lr5 with all my presets and specific settings,but will keep updating lr5 to the latest version and i need not take any further action?
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you cannot update lr5 beyond lr5.7.1
anything you do to upgrade lr5 (eg, to lr cc 2015) will replace your lr5 and make you dependent on maintaining your subscription unless you follow the directions to prevent lr5's removal when installing lr cc, or you reinstall lr5 if and when you discontinue your cc subscription.