Lump on lip.

I have a lump that appeared on my lip like a lil bump one night (about 1 1/2 months ago).  I had not touched it and it just started to seem to get bigger.  One night I was laying down and felt from my lip something.  I went to the bathroom and one lil section looked like it ripped open and was bleeding profusely.  After that night it became white and is sore.  The thing is it sits on my upper lip about an inch away from the right side of the crease of your mouth.  What makes it feel worse is every now and then it bleeds again pretty bad and after that it bothers me to eat or drink because everything seems to press on it.  My insurance won't cover for the removal of anything which is pathetic.  I just need to know if anyone has any idea if this could be a big problem or not.