PROSPECTUS SUPPLEMENT                           Filed pursuant to Rule 424(b)(3)
(TO PROSPECTUS DATED MAY 14, 2001)                    Registration No. 333-55722



                             SUMMIT LIFE CORPORATION

            200,000 Minimum, 1,000,000 Maximum Shares of Common Stock

                         Offering Price $1.00 Per Share







         This Prospectus  Supplement  supplements  our Prospectus  dated May 14,
2001.  Accordingly,  you should read this  Prospectus  Supplement in conjunction
with the Prospectus.  Capitalized terms used in this Prospectus  Supplement have
the meanings specified in the Prospectus.






                          (continued on following page)

                      ------------------------------------


         Neither the Securities and Exchange Commission nor any state commission
has approved or disapproved  of these  securities or passed upon the accuracy or
adequacy of this prospectus.  Any  representation  to the contrary is a criminal
offense.

                      ------------------------------------








           The date of this Prospectus Supplement is November 15, 2001





         On  November  14,  2001,  we filed  with the  Securities  and  Exchange
Commission  certain  financial  information  as of  and  for  the  period  ended
September 30, 2001, the material portions of which are set forth below.

Summary Financial Data

         Operating Data

         The following table sets forth selected information regarding operating
results for the periods indicated.

                                                                                   Nine Months Ended
                                               Year Ended December 31,               September 30,
                                             ----------------------------    ----------------------------
                                                 1999             2000           2000             2001
                                             -----------      -----------    -----------      -----------
                                                                      (in thousands)
                                                                                  
Statement of Operations Data:
         Revenues                              $  813           $  571         $  543           $  595
         Benefits, losses and expenses          1,704              975            704              740
         Net Loss                                (884)            (404)          (161)            (145)


         Balance Sheet Data
                                                             As of September 30, 2001
                                             -----------------------------------------------------
                                                                     As Adjusted (1)
                                                         ---------------------------------------
                                               Actual    Minimum Offering       Maximum Offering
                                               ------    ----------------       ----------------
                                                                (in thousands)
Balance Sheet Data:
         Cash and cash equivalents             $1,878         $2,038                 $2,601
         Total assets                           6,849          7,009                  7,572
         Total liabilities                      5,556          5,556                  5,379
         Stockholders' equity                   1,293          1,453                  2,193



-------------------------

(1) Gives  effect to the sale of the  minimum  and  maximum  number of shares of
common stock offered  hereby,  and the  application  of the  estimated  proceeds
therefrom.  See "USE OF PROCEEDS" and  "CAPITALIZATION"  in our prospectus dated
May 14, 2001.





                                      S-2


Results of Operations

         This prospectus supplement includes "forward-looking statements" within
the  meaning of Section  27A of the  Securities  Act of 1933,  as  amended,  and
Section 21E of the Securities  Exchange Act of 1934, as amended.  All statements
other  than   statements  of  historical   facts  included  in  this  prospectus
supplement,  including,  without  limitation,  statements  regarding  our future
financial position,  business strategy,  budgets,  projected costs and plans and
objectives of Management for future operations, are forward-looking  statements.
In addition,  forward-looking  statements generally can be identified by the use
of  forward-looking  terminology  such as  "may,"  "will,"  "expect,"  "intend,"
"estimate,"  "anticipate"  or "believe" or the  negative  thereof or  variations
thereon or  similar  terminology.  Although  we  believe  that the  expectations
reflected  in such  forward-looking  statements  are  reasonable,we  can give no
assurance  that  such  expectations  will  prove  to  have  been  correct.  Such
statements are based upon numerous assumptions about future conditions which may
ultimately  prove to be inaccurate  and actual events and results may materially
differ from anticipated results described in such statements.  Important factors
that could  cause  actual  results to differ  materially  from our  expectations
include the risks  inherent  generally in the insurance  and financial  services
industries,  the impact of  competition  and product  pricing,  changing  market
conditions, the risks disclosed in our Annual Report on Form 10-KSB for the Year
Ended December 31, 2000 under "ITEM  6--Management's  Discussion and Analysis or
Plan of Operation," as well as the risks  disclosed in our prospectus  dated May
14, 2001, of which this prospectus  supplement is a part. All subsequent written
and oral forward-looking statements attributable to us, or persons acting on our
behalf,   are  expressly   qualified  in  their  entirety  by  these  cautionary
statements.  We  assumes  no  duty  to  update  or  revise  our  forward-looking
statements based on changes in internal  estimates or expectations or otherwise.
As  a  result,   the  reader  is  cautioned  not  to  place  reliance  on  these
forward-looking statements.

Recent Events

         On August 1, 2001,  our wholly  owned  subsidiary,  Great  Midwest Life
Insurance Company,  acquired from Presidential Life Insurance Company of Dallas,
Texas a block of  approximately  1,400 life  insurance  policies with  estimated
annual  premium of $120,000  for a purchase  price of $85,000.  The  acquisition
resulted in the transfer of  liabilities in the amount of $712,000 and assets in
the amount of $627,000 to Great Midwest.  The purchase was funded with cash flow
from Great Midwest's  operations.  The purchase  increased  policies serviced by
more than 200% and in-force life insurance  increased $14.8 million, or 106%. We
expect that the acquisition will be immediately accretive to earnings.


         Three Months Ended  September  30, 2001  Compared to Three Months ended
September 30, 2000

         Revenue.  Total  revenues  decreased  from  $160,647 to $98,509 for the
three months ended September 30, 2000 and September 30, 2001, respectively.  The
decrease in total  revenues  was directly  attributable  to  unrealized  holding
losses on trading  securities  which we believe were  impacted by the  terrorist
acts of September 11, 2001.  Revenues  attributable to life insurance  increased
89% from  $52,692 to $99,622 for the three  months  ended  September  30,  2001,
compared to the same period  ended  September  30,  2000.  The  increase was due
primarily  to  the   acquisition  of  the  block  of  insurance   policies  from
Presidential Life during the quarter.  The increase was also attributable to the
recruiting  of new agents,  which has  increased  new policy  issue by 98% on an
annualized  basis. We expect that the acquisition will improve earnings over the
next twelve months.

         Investment  income  decreased  from  $92,233 for the three months ended
September  30, 2000 to $73,906 for the three  months ended  September  30, 2001,
primarily  as a result of interest  rate  decreases  by the Federal  Reserve and
other entities.


                                      S-3


         Net losses, mainly, unrealized holding losses, on trading securities of
$104,479  were  reported  for the three  months ended  September  30, 2001.  The
terrorist attacks of September 11, 2001 severely impacted the market and reduced
equity valuations  throughout most business sectors. We continue to anticipate a
recovery in the valuation of our equity portfolio.  We began trading  securities
in the fourth  quarter of 2000 and are required to report  unrealized  gains and
losses in  operations.  The realized gain or loss for each trading  security may
differ materially  depending on the date of sale, the underlying  performance of
the represented company and other market conditions.

         Other income increased from $6,126 for the three months ended September
30, 2000 to $29,460 for the three months ended September 30, 2001.

         Costs and  Expenses.  Total  expenses  decreased  35% from  $234,590 to
$152,560 for the three months ended  September 30, 2000 and 2001,  respectively.
Such  decreases  were  primarily  attributable  to continuing  cost  containment
measures taken by us.

         Policy  benefits  increased  from $21,053 to $48,697 for the comparable
periods.   Policy  reserves  decreased  $70,317  for  the  comparable   periods.
Depreciation  and  amortization  increased from $17,726 to $31,985 for the three
months  ended  September  30, 2000 and 2001,  respectively,  as we  continued to
amortize the block of business  acquired with Great  Midwest.  General  expenses
decreased 37% from $105,875 to $67,209 for the comparable periods as a result of
our cost  containment  programs.  Costs  associated  with the acquisition of the
policies from  Presidential Life were capitalized and will be amortized over the
expected life of the policies.

         Income/Loss.  We  reported  a net  loss  for  the  three  months  ended
September 30, 2001 of $54,051,  a reduction in loss compared to the net loss for
the three months ended  September 30, 2000 of $73,943.  We continued to increase
revenues from life insurance and reduce  operating costs during the quarter.  We
expect that the  acquisition  of the  policies  from  Presidential  Life will be
accretive  to  earnings  and  believe the cost  containment  programs  have been
effective in reducing general expenses.

         We  reported  a net loss per  share of $0.03  per  share  for the three
months ended  September 30, 2001,  compared to a net loss of $0.04 per share for
the three  months  ended  September  30, 2000.  Unrealized  holding  losses from
trading securities in our portfolio represented a loss of $.04 per share for the
quarter while our other  operations  represented a gain of $.01 per share during
the  same  period.   We  expect  that  the  acquisition  of  the  policies  from
Presidential  Life will contribute to earnings and believe the cost  containment
programs  currently in place will continue to be effective in containing general
expenses.

         Nine Months  Ended  September  30, 2001  Compared to Nine Months  ended
September 30, 2000

         Revenue. Total revenues increased 10% from $542,700 to $594,877 for the
nine months ended  September  30, 2000 and  September  30,  2001,  respectively.
Revenues attributable to life insurance increased 163% from $114,570 to $301,887
for the nine months ended September 30, 2001,  compared to the same period ended
September  30, 2000.  The increase was due primarily to the  acquisition  of the
block of  insurance  policies  from  Presidential  Life  during the  quarter and
continued sale of new insurance products.

         Investment income increased 50% from $285,821 for the nine months ended
September  30, 2000 to $430,195  for the nine months ended  September  30, 2001,
primarily as a result of the sale of a  communications  tower lease in the first
quarter.

         Net losses, mainly, unrealized holding losses, on trading securities of
$178,341  were reported for the period ended  September 30, 2001.  The terrorist
attacks of September  11, 2001 severely  impacted the market and reduced  equity
valuations  throughout  most  business  sectors.  We  continue to  anticipate  a
recovery in the valuation of our equity portfolio.  We began trading  securities
in the fourth  quarter of 2000 and are required to report  unrealized  gains and
losses in  operations.  The realized gain or loss for each trading  security may
differ materially  depending on the date of sale, the underlying  performance of
the represented company and other market conditions.


                                      S-4


         Other  income  decreased  from  $103,182  for  the  nine  months  ended
September  30, 2000 to $47,966 for the nine months ended  September  30, 2001. A
one time gain of  $67,592  from the sale of real  estate was  recognized  in the
second quarter of 2000. Excluding the one time gain, other income increased 35%.

         Costs and  Expenses.  Total  expenses  increased  5% from  $703,593  to
$740,304 for the nine months ended  September  30, 2000 and 2001,  respectively.
Such increase was primarily  attributable to reserve  increases  associated with
the new business written by us.

         Policy  benefits  increased from $81,603 to $106,597 for the comparable
periods.   Policy  reserves  increased  $63,632  for  the  comparable   periods.
Depreciation  and  amortization  increased  from $48,093 to $89,470 for the nine
months  ended  September  30,  2000 and 2001,  respectively,  as we  continue to
amortize  the  block of  business  acquired  with  Great  Midwest  and  deferred
acquisition costs associated with new business.  General expenses  decreased 20%
from $363,040 to $290,378 for the  comparable  periods as a result of management
cost containment programs. Costs associated with the acquisition of the policies
from  Presidential Life were capitalized and will be amortized over the expected
life of the policies.

         Loss.  We reported a net loss for the nine months ended  September  30,
2001 of  $145,427,  a  reduction  of 10%  compared  to the net loss for the nine
months ended  September 30, 2000 of $160,893.  We continue to increase  revenues
from life insurance and held operating costs steady during the period. We expect
that the  acquisition  of the  policies  from  Presidential  Life  will  improve
earnings  and believe  the cost  containment  programs  have been  effective  in
reducing general expenses.

         We reported a net loss per share of $0.08 per share for the nine months
ended September 30, 2001, compared to a net loss of $0.09 per share for the nine
months  ended  September  30,  2000.  Unrealized  holding  losses  from  trading
securities  in our  portfolio  resulted in a loss of $.08 per share for the nine
months while the our other operations  resulted in breakeven results of $.00 per
share.  We expect that the  acquisition of the policies from  Presidential  Life
will contribute to earnings and believe the cost containment  programs have been
effective in reducing general expenses.

Liquidity and Capital Resources

         Total  assets  were  $6,849,138  at  September  30,  2001,  compared to
$6,162,682 at December 31, 2000,  an increase of 11.0%.  The increase was due to
the  acquisition of the policies from  Presidential  Life and the receipt of new
annuity deposits.

         Total liabilities (primarily insurance reserves for future policyholder
benefits)  were  $5,556,230  at September  30, 2001,  compared to  $5,187,382 at
December  31, 2000,  an increase of 7%. The  increase  was due  primarily to the
acquisition of the policies from Presidential Life and new annuity deposits.

         Total  stockholders'  equity was  $1,292,908  at  September  30,  2001,
compared to $975,300 at December 31, 2001,  an increase of 33%. The increase was
attributable to the ongoing public offering of the our stock. A total of 421,200
shares were sold through September 30, 2001.

         The  principal  requirements  for  liquidity  in  connection  with  our
operations are our contractual obligations to policyholders and annuitants.  Our
contractual  obligations  include  payments  of  surrender  benefits,   contract
withdrawals,  policy loans and claims under outstanding  insurance  policies and
annuities.  Payment of surrender benefits is a function of "persistency,"  which
is the extent to which  insurance  policies are maintained by the  policyholder.
Policyholders  sometimes do not pay  premiums,  thus causing  their  policies to
lapse,  or  policyholders  may choose to surrender their policies for their cash
surrender  value.  If  actual  experience  of a policy or block of  policies  is
different from the initial or acquisition date assumptions, a gain or loss could
result.  Depending on the nature of the underlying  policy, a lapse or surrender
may result in  surrender  charge  revenue or  surrender  benefit  expense.  Such
amounts may be less than,  or greater  than,  unamortized  acquisition  expenses
and/or the related policy  reserves;  accordingly,  current period  earnings may
either  increase or decrease.  Additionally,  policy lapses and  surrenders  may
result in lost future  revenues and profits  associated with those policies that
are lapsed or surrendered.

                                      S-5


         On August 1, 2001,  Great Midwest  acquired from  Presidential  Life, a
block of  approximately  1,400 life  insurance  policies with  estimated  annual
premium of $120,000 for a purchase price of $85,000. The acquisition resulted in
the transfer of  liabilities  in the amount of $712,000 and assets in the amount
of $627,000 to Great Midwest.  The purchase was funded with cash flow from Great
Midwest's operations. The purchase increased policies serviced by more than 200%
and in-force life insurance increased $14.8 million, or 106%.

         On September 28, 2001, the investor who had subscribed for an aggregate
1,000,000  shares of our Series B preferred stock did not make the final payment
due with  respect  to his  subscription.  Under  the  terms of his  subscription
agreement,  pursuant to which the  investor  was deemed to have been issued only
that number of shares that were fully paid, a total of 350,000  shares of Series
B preferred  stock was deemed to be sold,  and the  subscription  receivable  of
$650,000 was canceled.

         We have made and intend to make substantial  expenditures in connection
with our subsidiary's acquisition and marketing programs.  Historically, we have
funded these expenditures from cash flow from operations.

         We believe that the liquidity resulting from the transactions described
above,  together with  anticipated  cash from continuing  operations,  should be
sufficient  to fund our  operations  and the annual 10% dividend on the Series A
Preferred Stock, for at least the next 12 months. We may not, however,  generate
sufficient cash flow for these purposes.  Our ability to fund our operations and
to make  scheduled  dividend  payments  will  depend on our future  performance,
which,  to  a  certain  extent,  is  subject  to  general  economic,  financial,
competitive,  legislative,  regulatory  and other  factors  that are  beyond our
control.

Financial Statements

         Our  unaudited  consolidated  financial  statements  as of and  for the
period ended September 30, 2001 are provided on pages S-7 through S-11.




                                      S-6




                    Summit Life Corporation and Subsidiaries


                           Consolidated Balance Sheets

                                     ASSETS

                                                        September 30, 2001     December 31, 2000
                                                       -------------------    -------------------
                                                           (Unaudited)
                                                                        
INVESTMENTS
      Debt securities-held to maturity                     $   328,075            $   328,075
      Debt securities-available for sale                     2,467,010              2,426,607
      Equity securities-trading                                 99,097                113,643
      Equity securities-available for sale                     127,158                  8,915
      Equity securities-other                                   66,788                 63,663
      Mortgages                                                706,871                734,220
      Notes receivable                                         198,582                207,658
      Short-term investments                                         0                      0
      Policy loans                                              65,501                 33,382
      Investment in limited partnerships                        55,400                 57,300

                                                       -------------------    -------------------
                                                             4,114,482              3,973,463

CASH AND CASH EQUIVALENTS                                    1,878,191              1,436,338

RECEIVABLES
      Accrued investment income                                 58,059                 41,984
      Other                                                     18,773                  9,928
                                                       -------------------    -------------------
                                                                76,832                 51,912

PROPERTY AND EQUIPMENT-AT COST
      Building and improvements                                129,419                129,419
      Furniture and equipment                                  119,198                116,570
      Automobiles                                               22,015                 22,015
                                                       -------------------    -------------------
                                                               270,632                268,004
             Less accumulated depreciation                    (123,398)              (102,638)
                                                       -------------------    -------------------
                                                               147,234                165,366
      Land                                                      56,000                 56,000
                                                       -------------------    -------------------
                                                               203,234                221,366
OTHER ASSETS
      Cost in excess of net assets of businesses
             acquired, less accumulated amortization           120,858                 40,000
      Deferred policy acquisition costs                         96,289                 57,527
      Value of purchased insurance business                    269,351                321,851
      Deferred income taxes                                     37,241                 37,241
      Other                                                     52,660                 22,984
                                                       -------------------    -------------------
                                                               576,399                479,603
                                                       -------------------    -------------------

                                                           $ 6,849,138            $ 6,162,682
                                                       ===================    ===================



The  accompanying  notes  are  an  integral  part  of  these  interim  financial
statements


                                      S-7




                    Summit Life Corporation and Subsidiaries


                           Consolidated Balance Sheets

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                   September 30,         December 31,
                                                                        2001                 2000
                                                                 -----------------    -----------------
                                                                    (Unaudited)
                                                                                
LIABILITIES
      Policy reserves and policyholder funds                        $ 5,454,421          $ 4,708,295
      Unpaid claims                                                      20,663              175,951
      Accounts payable                                                   13,803               39,458
      Accrued liabilities                                                 7,373               15,424
      Notes payable                                                      59,970              248,254
      Other liabilities                                                       0                    0
                                                                 -----------------    -----------------
                                                                      5,556,230            5,187,382


STOCKHOLDERS' EQUITY
      Common stock, $.01 par value                                       26,888               22,676
      Preferred stock, series A, $.001 par value, stated at
           liquidation value                                            500,000              500,000
      Preferred stock, series B, $1.00 par value                        350,000              350,000
      Preferred stock, series B subscribed                                 --                650,000
      Additional paid-in capital                                      3,340,584            2,923,596
      Common stock of parent held by subsidiary                         (95,000)             (95,000)
      Accumulated other comprehensive income (loss)
           Unrealized appreciation (depreciation) of available
           for sale securities                                           46,953              (19,882)
      Accumulated deficit                                            (2,876,517)          (2,706,090)
             Less preferred stock subscriptions receivable                 --               (650,000)
                                                                 -----------------    -----------------
                                                                      1,292,908              975,300

                                                                 -----------------    -----------------
                                                                    $ 6,849,138          $ 6,162,682
                                                                 =================    =================








The  accompanying  notes  are  an  integral  part  of  these  interim  financial
statements

                                      S-8




                    Summit Life Corporation and Subsidiaries
                      Consolidated Statements of Operation
                                   (Unaudited)

                                                                 Three Months Ended             Nine Months Ended
                                                                    September 30,                 September 30,
                                                             --------------------------    --------------------------
                                                                 2001           2000           2001           2000
                                                             -----------    -----------    -----------    -----------
                                                                                              
Revenues
      Insurance premiums                                     $   117,709    $    63,841    $   338,694    $   146,146
      Reinsurance premium ceded                                  (18,087)       (11,149)       (36,807)       (31,576)
                                                             -----------    -----------    -----------    -----------
          Net premium income                                      99,622         52,692        301,887        114,570
                                                             -----------    -----------    -----------    -----------
      Investment activity
          Investment income                                       73,906         92,233        430,195        285,821
          Net realized gains on sale of available for sale
          securities                                                --            9,596         (6,830)        39,127
          Net losses on trading securities                      (104,479)          --         (178,341)          --

      Other                                                       29,460          6,126         47,966        103,182
                                                             -----------    -----------    -----------    -----------
                                                                  98,509        160,647        594,877        542,700

Benefits, losses and expenses
      Policy benefits                                             48,697         21,053        106,597         81,603
      Change in policy reserves                                   (3,973)        66,344        224,647        161,015
      Interest expense                                             3,179          7,429         13,381         20,677
      Taxes, licenses and fees                                     5,463         16,163         15,831         29,165
      Depreciation and amortization                               31,985         17,726         89,470         48,093
      General, administrative and other operating expenses        67,209        105,875        290,378        363,040
                                                             -----------    -----------    -----------    -----------
                                                                 152,560        234,590        740,304        703,593
                                                             -----------    -----------    -----------    -----------
             Earnings (Loss) before income taxes                 (54,051)       (73,943)      (145,427)      (160,893)
Income tax provision                                                --             --             --             --
                                                             -----------    -----------    -----------    -----------

                       NET EARNINGS (LOSS)                   $   (54,051)   $   (73,943)   $  (145,427)   $  (160,893)

Preferred Stock Dividend Requirement                              12,500         12,500         37,500         37,500
                                                             -----------    -----------    -----------    -----------

             NET EARNINGS (LOSS) APPLICABLE
             TO COMMON SHARES                                $   (66,551)   $   (86,443)   $  (182,927)   $  (198,393)
                                                             ===========    ===========    ===========    ===========

Earnings (Loss) per common share -
               Basic and diluted                             $     (0.03)   $     (0.04)   $     (0.08)   $     (0.09)
                                                             ===========    ===========    ===========    ===========

Weighted average outstanding common shares,
      basic and diluted                                        2,492,283      2,248,605      2,334,390      2,248,605
                                                             ===========    ===========    ===========    ===========







The  accompanying  notes  are  an  integral  part  of  these  interim  financial
statements


                                      S-9




                    Summit Life Corporation and Subsidiaries

                 Consolidated Statement of Stockholders' Equity

                      Nine Months Ended September 30, 2001
                                   (Unaudited)





                                                        Common Stock            Preferred Stock "A"         Preferred Stock "B"
                                                        ------------            -------------------         -------------------

                                                                               Shares        Liquid-       Shares        Liquid-
                                                    Shares         Par          Out-          ation         Out-          ation
                                     Total          Issued        Value       standing        Value       standing        Value
                                  -----------    -----------   -----------   -----------   -----------   -----------   -----------
                                                                                                  
Balance at January 1, 2001        $   975,300      2,267,605   $    22,676         5,000   $   500,000       350,000   $   350,000

Issuance of common stock              421,200        421,200         4,212          --            --            --            --

Dividends on preferred stock          (25,000)          --            --            --            --            --            --

Comprehensive income
   Net income (loss)                 (145,427)          --            --            --            --            --            --
   Other comprehensive inc
   (loss)
   Unrealized gain on
   investments                         66,835           --            --            --            --            --            --
                                  -----------

      Comprehensive inc. (loss)       (78,592)
                                  -----------    -----------   -----------   -----------   -----------   -----------   -----------

Balance at September 30, 2001     $ 1,292,908      2,688,805   $    26,888         5,000   $   500,000       350,000   $   350,000
                                  ===========    ===========   ===========   ===========   ===========   ===========   ===========


                                                    Common     Accumulated
                                                   Stock of       Other
                                   Additional    Parent Held  Comprehensive
                                    Paid-in           by          Income     Accumulated
                                    Capital       Subsidiary      (Loss)       Deficit
                                  -----------    -----------   -----------   -----------

Balance at January 1, 2001        $ 2,923,596    $   (95,000)  $   (19,882)  $(2,706,090)

Issuance of common stock              416,988           --            --            --

Dividends on preferred stock             --             --            --         (25,000)

Comprehensive income
   Net income (loss)                     --             --            --        (145,427)
   Other comprehensive inc
   (loss)
   Unrealized gain on
   investments                           --             --          66,835          --


      Comprehensive inc. (loss)
                                  -----------    -----------   -----------   -----------

Balance at September 30, 2001     $ 3,340,584    $   (95,000)  $    46,953   $(2,876,517)
                                  ===========    ===========   ===========   ===========



The  accompanying  notes  are  an  integral  part  of  these  interim  financial
statements

                                      S-10




                    Summit Life Corporation and Subsidiaries

                 Condensed Consolidated Statement of Cash Flows
                                   (Unaudited)

                                                                      Nine Months Ended
                                                                        September 30,
                                                           --------------------------------------
                                                                  2001                 2000
                                                           -----------------    -----------------
                                                                          
Increase (Decrease) in Cash and Cash Equivalents

Net cash provided by (used in) operating activities           $  (205,528)         $  (161,704)

Net cash provided by (used in) investing activities               204,782            1,325,670

Net cash provided by (used in) financing activities               442,599             (702,445)

                                                           -----------------    -----------------
       NET INCREASE (DECREASE) IN CASH
          AND CASH EQUIVALENTS                                    441,853              461,521

Cash and cash equivalents at the beginning of the period        1,436,338              935,746
                                                           -----------------    -----------------

Cash and cash equivalents at the end of the period            $ 1,878,191          $ 1,397,267
                                                           =================    =================




                    Summit Life Corporation and Subsidiaries
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE A - BASIS OF PRESENTATION

The accompanying  unaudited consolidated financial statements have been prepared
in  accordance  with  generally  accepted  accounting   principles  for  interim
financial information.  Accordingly,  they do not include all of the information
and footnotes required by generally accepted accounting  principles for complete
financial statements. In the opinion of management,  all adjustments (consisting
of normal recurring accruals)  considered necessary for a fair presentation have
been  included.  Operating  results for the three  month and nine month  periods
ended September 30, 2001 are not necessarily  indicative of the results that may
be expected for the year ended December 31, 2001. For further information, refer
to the consolidated  annual financial  statements and footnotes  thereto for the
year ended December 31, 2000.





The  accompanying  notes  are  an  integral  part  of  these  interim  financial
statements


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