According to Wikipedia, the Cirrus SR22 is the light plane that has the built-in parachute descent system for emergencies.
http://en.wikipedia.org/wiki/Ballistic_Recovery_Systems#Cirrus_Airframe_Parachute_System_.28CAPS.29
Good info with pictures about the parachute descent system on the Cirrus SR22
Yes - and at $650k each, a very expensive plane - I know a Cirrus instructor.......and the parachutes have saved the planes and their passengers several hundred times......when I said the planes must have a high failure rate, he pointed out that actually the failure rate was exceptionally low.....