In Australia, we teach EFATO's much the same way of what has been spoken about. And a few important points that i use and try to beat into the student are.
1.Treat this as if it is real- sounds familiar but how many students not to mention instructors believe that it will never happen to them?
2.Every time i conduct a lesson of any kind, whenever there is a free moment, i always look and see where i would try and put the thing down if i had an engine failure then & there, so the descision won't be so difficult if the time comes.
3.I am 19 but as i said before an instructor (jnr gd 3) and although i may lack experience i try to make up for with attitude.
and if students can understand that they are in command and take responsibility for the situation, they will survive an engine failure.
cheers