Case fatality rate for swine flu was around 0.02%[1]. There's still a lot of uncertainty around 2019-nCoV, but most estimates appear to be closer to 1-2%.

You're not wrong in that old and sick people are the affected the most, but it's significantly worse compared to e.g. Influenza[2].

[1]: https://www.worldometers.info/coronavirus/coronavirus-death-...

[2]: https://raw.githubusercontent.com/jbloom/CoV_vs_flu_CFR/mast...