Learn how to swim is a must. You can take care of yourself if sh!t happens, and you have a chance to help other one way or another.
Of course, it's an on-going swimming lesson, just because you can swim that does not mean you won't be drown--and kids need to understand this. The best way is to give example why it's so, such as cramping, losing consciousness when falling off the boat,etc....
Two real life lessons: An boating accident happened a wk ago in a local newspaper--I can't remember where it happened. There were some 20 people on this capsided boat (probably too many people on the boat), and 6 or 7 people survived because the survivors happened to wear lifejackets.
Another story: at a local lake in DFW area about 1 yr ago. This guy disappeared after jet skiing, they found his jet ski but not his body without the lifejacket until the next day. The authority and his friends thought that he might have fell and hit something and lost consciousness. He was a very, very good swimmer also.