Instead of a lifebuoy we use a Throw pillow on our boat and make sure it's accessible from the Captain's chair. Takes up less space. (We have 6 onboard. We use them to sit or float on while anchored hanging out)
We use a throwable cushion tied to a 25 foot rope. We keep it in the stern, port side lounge, directly behind the flip up backrest. It is easily accessible by anyone.