Is this a life threatening situation?

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The chance of dying from a cold is probably higher. BCC is 80% of carcinomas, SCC is 20%, but SCC results in the majority of deaths, which is very small.

Is this a life threatening situation?
Basal Cell cancer is not life threatening if treated early. When it is left untreated, then more aggressive treatments have to be done that might weaken the body.
Also, if the basal cell cancer is allowed to continue and reaches the blood stream it is like any other cancer at that point. So the short answer is to treat it according to recommendations from the doctor. But, after you have been treated do not worry too much.