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In the video tutorial, the importance of a cover letter for middle management professionals applying for senior leadership roles is emphasized. Using "I" excessively may indicate a lack of complexity in communication, which is crucial for effective leadership. A cover letter is essential as it demonstrates your genuine interest in the position and reflects the effort you have invested. It communicates your suitability for the role, outlining what you can offer the company and why you deserve attention over other candidates. With numerous resumes to review, recruiters often prioritize applications that include a cover letter, making it a critical component of job applications.