What I meant to say or get across was everybody plans for an engine failure but does not expect it to happen, and when it does happen it can catch you by surprise!
I understand what you mean, but for myself, I always assume that something is about to happen until I have the altitude and airspeed to be safe.
I see a lot of young guys going "yeah yeah, I get how to handle an engine failure, she'll be right", and then stuff it up completely when it actually happens. Most of them end up dead, and I have lost a few acquaintances to light twin accidents. You just have to be ready, all the time.
Many moons ago, when I was flying the F27, a sim instructor remarked to us (after my colleague stuffed up an engine failure on approach) that the F27 would never be certified under the current regulations of the time, as it was simply too marginal on one engine, especially at high weight/temp/density altitude. I reckon most light twins are worse than the F27 was... funny how we put the most inexperienced pilots into the most dangerous aircraft...
On the jet I fly, the worst things that happen if we lose one are that the ROC drops to 2000 fpm and the ball marches out from the centre a bit. Easy-peasy. Trim it and whack the autopilot in while we figure out where to go. But when I'm flying a light twin, I'm very twitchy until through 1000' and at least blueline +20kts. YMMV of course.