The life preservers aboard airplanes play a critical role in ensuring occupant safety in water-related accidents. However, several airlines off-load life preservers to save fuel and costs. In this study, a cost–benefit analysis was performed considering the Life Quality Index to examine the necessity of life preservers aboard aircraft. It was noted that the placement of life preservers aboard airplanes was reasonable and beneficial in the recent 15 years. Although life preservers are primarily required for extended overwater (EOW) operations, the distance from the shoreline for most of the water-related accidents was considerably smaller than that of an EOW operation, and most water-related accidents occurred close to an airport. In other words, air passengers were at risk of water-related accidents, regardless of whether the flight was classified as an EOW flight. Thus, life preservers must be made available for all the occupants on all passenger flights, regardless of the flight path.