If you 'know' God, you shouldn't have to consider the possibility that he doesn't exist. It sounds like the wording of your post should be "would I rather hedge my bets and belief in God...".
The partially wasted life is a known result of the first option. The 'hell' result is not a known result. There's no reason to believe it exists. Pascal's wager also gives you no reason to pick one god over another. Believe in Jesus and Odin might not let you into Valhalla, belief in Allah and Jesus won't let you into heaven, worship Odin and Allah won't hook you up with some virgins.
Why?