An inflatable life preserver, capable of being in an inflated state and an uninflated state, is disclosed. The life preserver includes a structural overshell which defines the size and shape of the life preserver in the inflated state and a gas retention bladder fitted within the overshell. The overshell bears the expansion force of a gas within the bladder in the inflated state. The overshell defines inflatable side portions which are confined to sides of at least a portion of a chest area of a wearer, when the life preserver is in an uninflated state, and, which extend laterally over the chest area of the wearer, when the life preserver is in an inflated state.