You will need two new seals. Inner and outer. Inspect the impeller shaft also. If it has a groove in it where the seal rides, replace the shaft also. If the impeller is worn, replace that too. The bearings should also be replaced at this time. The outside seal keeps the water from leaking out of the engine. The inside seal keeps the water from leaking into the gearbox. If your gearbox oil is milky in color it indicates the inner seal is leaking. Be sure to use distilled water with your 50/50 coolant mixture. Tap water will cause corrosion.