You could grow it to RAID 6. That would allow for two drives failures. And it would integrate your new disk in your existing RAID without removing the old one.
On the other hand, this will shuffle all data around. So the sync will take longer, and you have to do the same thing again if you want to remove the bad disk and revert to RAID 5. And such grows and shuffling of data comes with its own dangers, particularly in the event of unexpected powerloss. Or in the event of single drive failure, the grow would continue, just without the failed disk, at which point the data of that "failed" disk becomes useless as it no longer shares the same layout with the rest.
Not really recommended overall.
If data safety is your primary concern, (rather than uptime), stick to RAID5 and replace the disk from a rescue system where nothing writes to the RAID while it resyncs; if a drive fails during sync then, you lose nothing that isn't lost already. If you make a backup of each disks md metadata before starting the remove/add/resync, you can easily reassemble using the original configuration.
Most people just readd the drive, and trust it will work; for the case where it does not work, you have to make use of your backups.
It's rare for drives to fail at the same time; in most cases the drive already failed a long time ago, you just never noticed due to lack of monitoring.