If you plan on serious sailing and really want to do it properly then stowage on deck or aft-rail with a hydrostatic release is the way to go. (Ok mine is in the cockpit locker.) But more important than location is to practice an abandon ship routine. An important thing that can be picked up from commercial boats is to do emergancy practice drills, same for fire, grounding, and man-overboard recovery. Also if you are planning on going a long way, attend a course and actually inflate and use a raft in a controlled environment.
