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Nothing other but security reasons? I think old PHP versions can have bugs which affect security.
Hi,
Ubuntu backports security fixes so they don’t have to change versions and risk breaking compatibility with existing applications. If you’re run apt-get update && apt-get upgrade, your installed PHP package is up to date. (Note that there’s two "&"s in that command right next to each other. It looks like you have one missing in your original question.)
If you’re instead looking to use a different version of PHP for the features in that version (for example, you want to use PHP 5.6 or 7.0), you can use ServerPilot to manage your server. ServerPilot makes available multiple versions of PHP at the same time (currently 5.4, 5.5, 5.6, and 7.0) so it’s easy to change PHP versions for your sites.
For example, this is how you change a site’s PHP version in ServerPilot:
https://serverpilot.io/community/articles/how-to-change-php-version-from-5.5-to-5.6.html