Please don't assume that an engine failure in a light airplane is always going to have drastic and/or fatal consequences (your words). Au contraire, it's an eventuality that pilots are very well trained to deal with and practice frequently. An airplane with a stopped engine can glide down under control to make a perfectly safe landing in many circumstances. There are phases of a flight where dealing with an engine failure is more tricky, like just after take off, but even that is usually survivable.
Let me put it this way. I'd rather have an engine failure in my aircraft at 2000' in the cruise, than a blow out on a front wheel in my car cruising at 70mph in the middle lane of the M6 in the rush hour.