I took up gliding in the UK after having done several hours in L-13's in NZ. I was handed a parachute shown how to put it on and was given 2 sentences of instruction. In NZ i never even saw a parachute, i believe in the UK its a CAA mandated 'thing'
Wearing a parachute didn't make me feel even 0.1% safer.
The real issue for me when you do decide to hit the silk, is getting out! Even in a tommie with two doors you still have the T Tail to whack you or tangle your chute, in a PA28.... with one door... you'd have to be mighty high to perform an exit.
I have to agree with the above posts, baring total structural break up, you are much safer staying in the A/C than not.
Never had an engine failure (yet) but i have had one develop a 'chesty cough', one tends to get 'highly focused' when this happens :-)