As MixedNuts pointed out, it's Pascal's Wager - yet you have a point. Putting the argument like this might cause the Pascal's Wager Fallacy Fallacy (which is still one of my favourite posts on this site).
Hm! Someone I know wants to write a post called "Pascal's Wager Fallacy Fallacy Fallacy", because (the claim is) that post doesn't correctly analyze the relevant social psychology involved when someone is afraid of being seen to commit to a very-possibly-indefensible-in-retrospect position where they predict they'll be seen as to-the-other-person-unjustifiably having chosen a predictably immoral or stupid course of action, or something like that.
From Mike Darwn's Chronopause, an essay titled "Would You Like Another Plate of This?", discussing people's attitudes to life:
Conclusion, graphs, and references in article. As usual, I recommend reading Chronopause.com as Darwin has many good articles; to quickly link a few: