Upgrade server PHP?

[Ajay]

Hello,
I'm about to create a new TE3 site and I see there are a multiple choices for install.
TE3 installer for PHP v4 >= PHP v5.4
TE3 installer for PHP v5.5 >= PHP v5.6
TE3 installer for PHP v7 >

My virtual server has:
@v5411 ~]# php -v
PHP 5.4.45 (cli) (built: Sep 30 2015 15:56:06)
Copyright (c) 1997-2014 The PHP Group
Zend Engine v2.4.0, Copyright (c) 1998-2014 Zend Technologies
with the ionCube PHP Loader v4.7.0, Copyright (c) 2002-2014, by ionCube Ltd., and
with Zend OPcache v7.0.5, Copyright (c) 1999-2015, by Zend Technologies

Host recommends:
"We recommend an upgrade to php 5.6 as long as your applications are compatible."

I have 3 other sites (50k+ visitors total) on the same server.
Would it be okay to upgrade to PHP 5.6 with the other existing sights in mind?

Thanks