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I always took my wife and child flying in good VMC by day. Never over water or at night. Not particularly because of the perceived risk, but always because of the potential consequences.
Where I fly there is a terrific lot of countryside where you'd be far better off if you could ditch the aircraft. Miles and miles of countryside with steep hillsides razor back ridges and a sharp V valley floor. Nowhere for a forced landing. Your only option is to stall it onto a ridge or onto the tree tops.
You'd do bugger all flying over here if you were to apply your "Gold" standard of "consequence" assessment.
I can think of only one fatality over this countryside due engine failure, scores of weather related fatalities though. That tells you where the real risks and consequences are.