A gentleman on another sailing board replied to a question about how your know when you're ready for bluewater by saying "You're ready when you're ready to go without insurance." That one pithy statement basically describes our philosophy about safety equipment & tools. (Disclaimer: we have no dependent parents, no kids, no cat, no dog, not even a houseplant)
Second disclaimer: 12 years of serious bigger-boat sailing experience, US East Coast, Caribbean, Great Lakes, ours and OPB, mostly coastal with some bluewater. Our first destination when we take off this autumn is Bahamas so no radar but 2 reflectors (mostly day hops, little fog), lots of water/fuel tankage, no liferaft, stout boat, jacklines & MOB pole. Our biggest safety feature is an oversized anchor with 100 feet of chain - i.e., wait for settled weather, no schedule.