1% chance of death and 2% chance of extended illness is not "very small". I would put those risks as "very high", since that is essentially your risk budget for the entire year.
I used to play a tabletop RPG that used percentile dice. For every action, there was a 1% chance of a miserable failure. Turns out, those cropped up quite a bit.
So, if 50, you are willing to play Russian-Roulette and pick an M&M from a jar of 100 (or even 200) when, perhaps, 1-4 of them will kill you?
I'd love to imagine (actually watching would be sadistic) a lineup of folks claiming they would, step up to the M&Ms, one after another, be told of the chances, and watch them pluck one, or step away.
I used to play a tabletop RPG that used percentile dice. For every action, there was a 1% chance of a miserable failure. Turns out, those cropped up quite a bit.