Personally, I do not believe it is life threatening, however I would consult a physician. Only your doctor knows your medical history. What may be a minor condition for one individual may be a critical condition for another. Still, read the following for a brief explanation of the condition.
Definition
Costochondritis is an inflammation and associated tenderness of the cartilage (i.e., the costochondral joints) that attaches the front of the ribs to the breastbone.
Description
Costochondritis causes pain in the lower rib area or upper breastbone. Some patients fear they are having a heart attack. The most severe pain is usually between the breast and the upper abdomen. The pain may be greater when in sitting or reclining positions. Stress may aggravate this condition. Generally the third or fourth ribs are affected. However, any of the seven costochondral junctions may be affected, and more often than not more than one site is involved. The inflammation can involve cartilage areas on both sides of the sternum, but usually is on one side only. Costochondritis should be distinguished from Tietze Syndrome, which is an inflammation involving the same area of the chest, but also includes swelling.
Source: Answers.com
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