You're probably more likely to die on the way to work on your bike than in your car, assuming all city roads (nothing greater than 40mph). But it's a small risk. Your odds of dying on a bike ride are still very low.

You'd probably be better off cutting much more dangerous activities like: bars, smoking, eating out, tennis, swimming. I mention "eating out" because it's very unlikely you'll eat healthy food when you do, and well heart disease is still the number one killer isn't it? Bars because they're a good place to get in a fight, and smoking for obvious reasons. Tennis, for some reason, a lot of people die playing tennis (I'm not sure why). And swimming is actually a somewhat dangerous form of exercise.

Drivers are very unlikely to be in a you or them situation. The speed of traffic on arterial roads doesn't often present a threat of death in a reasonably constructed car. Still, it's more likely most drivers would choose to endanger themselves over a cyclist. Not that they like us, but in that instant no thought will pass through their head. They'll be on pure instinct, and you'll be the most obvious thing on the road to not hit because you're the oddest thing on the road. Just like a driver swerving into a semi to miss a dog.

I ride arterial roads for part of my commute. I must admit I'm a lot braver in traffic than I used to be, but really it's not that horribly dangerous. Just don't get too reliant on being "lit up like a Christmas tree" because the driver who can't see you still won't see you. Don't feel hurt though, he wouldn't have seen a semi truck.