It really depends on what you mean by an OS X update and how you go about doing it. For example, if you are on Mac OS 10.6.1 and you are simply upgrading to OS 10.6.3, then you do not have to worry about iWork being uninstalled as it is simply upgrading some components of your OS. However, if you are upgrading from say, 10.5 to 10.6, then you may have to be extra careful if you do not want to lose your iWork installation.
There are two ways of upgrading your OS. You can either choose to simply do an upgrade or a full install of the OS. If you do an upgrade, you will typically not lose any documents or applications on your Mac.
However, while this is so, it is still advisable that you backup all your data before doing an upgrade. If for any reason you no longer have access to your copy of iWork, you can also choose to clone your existing hard disk before upgrading to a new OS. You can easily do this using the Disk Utility in your Mac (cultofmac.com/how-and-why-to-clone-your-...).
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