If you average a large number of cyclists, the total number of years of life they gain from the health benefits of the exercise are seven times the total number of years of life lost through accidents. What's not good odds about that? Cycling is increasing your life expectancy, not reducing it.
Cyclists are more likely to get hurt in a crash than drivers because they don't have any metalwork around them for protection, but on the other hand, cyclists rarely cause the death of other road users like motorists do, so when you take that into account, the death rate for driving and cycling are about the same. The difference is that when somebody cycles, the risk is all borne by the rider, but when they drive a car a substantial proportion of the risk is imposed on others. Compared with cycling, driving a car is inegalitarian because it transfers the risk away from the person causing the risk and onto third parties who have no choice.
Exhorting cyclists to mitigate the risk by using measures such as cycle tracks, helmets, hi-viz clothing etc. is further exacerbating the inequality by increasing the cost to the cyclist, whilst the increased benefit to the motorist further incentivises more risk taking behaviour. Given the health, congestion, and pollution benefits of cycling, an increase in cost to the cyclist is also an increase in cost to society as a whole.