Im in my teenage years and am overweight, but not obese. i am aware this could increase my cancer risk, but am i going to get cancer now or later in life? if i lose weight will that reduce my risk and help me live a healthier life?

Cancer is not the main risk of being overweight. It's a much stronger risk factor for heart disease, diabetes, and stroke, with only minor effect on cancer risk. At your age, achieving and maintaining ideal body weight will be 100% effective in bringing all health risks down to standard levels. Don't underestimate the challenges in weight control and conditioning, get doctor's advice. Good luck!