It is pretty common knowledge that having healthy cholesterol levels can increase longevity, and should be regularly monitored.  If you know what your LDL (bad) and HDL (good) cholesterol numbers are - does it mean you are at risk for heart disease?  That answer is more complex.  You can see this NIH chart for the prescribed cholesterol ranges, and the standard medical advice on lowering it.  But before you buy that margarine, or go on statin drugs, keep in mind the body does need cholesterol.  About 75% of the body's cholesterol is produced in the liver, used to make cellular membranes. (See this nifty infographic)

A 2010 analysis of 21 studies on the relationship between saturated fat and heart disease found intake of saturated fat was not associated with an increased risk of CHD (coronary heart disease), stroke, or CVD (cardiovascular disease). 

Moreover, Mary Enig and Sally Fallon stated in The Truth About Saturated Fat:

"The few studies that indicate a correlation between fat reduction and a decrease in coronary heart disease mortality also document a concurrent increase in deaths from cancer, brain hemorrhage, suicide and violent death. After 10 years of lowering fat intake and not smoking, they found no significant difference in death from heart disease or total death compared to the control group of smokers, poor diet etc."

Consider this 1997 Inuit study which studied a native population in Greenland compared to other ethnic Inuit living in Denmark who ate a more "westernized" diet. Those who ate the more traditional diet heavy on animal fats and fish actually had LOWER incidence of heart disease, with higher HDL cholesterol levels than the Danes. It's a good argument for the value of fish oils or Omega-3 fatty acids in the heart-healthy diet.  
So, What's the bottom line?

Vary Your Oils and Note Smoke Points.   Pay attention to the smoke point of the oils you cook with, and use the oil that is temperature appropriate for your purpose.  Often, the more refined the oil, the higher temperature it can withstand.  The caveat is more processed oils for high heat/longer shelf life (refined vegetable oil blends, partially hydrogenated oils, etc.) are not ones that humans have been eating for centuries, and could cause potential problems in your arteries. 

Unrefined, extra virgin olive oil is widely accepted as heart-healthy, but heating it beyond its smoke point breaks down the oil and creates free-radicals - effectively negating any health benefits.  Chances are, it won't taste good either.   Remember when coconut oil was THE oil to use on everything?  As people went off the deep end, there was a backlash from the American Heart Association, and its status for heart health is still a mixed bag.  It is high in saturated fat, but also rich in medium chain triglycerides (MCTs), which are known to have a positive impact on cholesterol.  The type of coconut oil (refined or unrefined) matters when it comes to smoke point and how people should use it, to further complicate matters.  So, don't rely on one oil for all your cooking needs - enjoy the variety flavors different oils have to offer.