use a script and place it above the player while the player is above the ground
something like
if g_PlayerPosY > 600 then
--show parachute
SetEntityPosition(e,g_PlayerPosX,g_PlayerPosY+100,g_PlayerPosZ)
else
Hide(e)
Destroy(e)
end
life's one big game
windows vista ultimate
i5 @3.3ghz, 4gb ram, geforce gtx460, directx 11