U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)

[X]              QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                     For the period ended September 30, 2002

[ ]              TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________________ to _____________________.



                        Commission File Number 000-25253


                             SUMMIT LIFE CORPORATION
                             -----------------------
             (Exact name of registrant as specified in its charter)

            OKLAHOMA                                       73-1448244
            --------                                       ----------
(State or other jurisdiction of             (I.R.S. Employer identification No.)
 incorporation or organization)


         3021 Epperly Dr., P.O. Box 15808, Oklahoma City, Oklahoma 73155
         ---------------------------------------------------------------
                    (Address of principal executive offices)


                                 (405) 677-0781
                                 --------------
                           (Issuer's telephone number)




Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter  period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

                                    Yes X  No
                                       ---   ---

The number of shares  outstanding of the Issuer's Common Stock,  $.01 par value,
as of November 14, 2002 was 2,691,305.

Transitional Small Business Disclosure Format (check one):   Yes    No X
                                                                ---   ---


                                   FORM 10-QSB

                                TABLE OF CONTENTS

                                                                            Page

PART I.           FINANCIAL INFORMATION

   Item 1. Financial Statements

           Consolidated Balance Sheets - September 30, 2002 (unaudited) and
           December 31, 2001.................................................. 3

           Consolidated Statements of Operation - Three months and
           nine months ended September 30, 2002 and 2001 (unaudited).......... 5

           Consolidated Statement of Stockholders' Equity - Nine months ended
           September 30, 2002 (unaudited)..................................... 6

           Condensed Consolidated Statement of Cash Flows - Nine months ended
           September 30, 2002 and 2001 (unaudited)............................ 7

           Notes to Consolidated Financial Statements......................... 8

   Item 2. Management's Discussion and Analysis or Plan of Operation.......... 9

   Item 3. Controls and Procedures............................................12

PART II.          OTHER INFORMATION

   Item 6. Exhibits and Reports on Form 8-K...................................12

   Signatures.................................................................14

   Certifications.............................................................15
















                                       2




                         PART I - Financial Information

Item 1.  Financial Statements

                    Summit Life Corporation and Subsidiaries

                           Consolidated Balance Sheets

                                     ASSETS

                                                     September 30, 2002     December 31, 2001
                                                     ------------------    ------------------
                                                         (Unaudited)
                                                                     
INVESTMENTS
      Debt securities-held to maturity               $          441,787    $          279,871
      Debt securities-available for sale                      1,371,549             2,180,629
      Equity securities-trading                                  90,961                84,934
      Equity securities-available for sale                      270,166               291,248
      Equity securities-other                                    66,788                66,788
      Mortgages                                                 664,724               697,374
      Notes receivable                                          650,671               294,659
      Short-term investments                                       --                    --
      Policy loans                                              113,234               113,865
      Investment in limited                                      32,404                30,800
      partnerships

                                                     ------------------    ------------------
                                                              3,702,284             4,040,168

CASH AND CASH EQUIVALENTS                                     1,938,431             1,661,410

RECEIVABLES
      Accrued investment income                                  43,874                54,993
      Other                                                      23,086                37,583
                                                     ------------------    ------------------
                                                                 66,960                92,576

PROPERTY AND EQUIPMENT-AT COST
      Building and improvements                                 394,290               129,419
      Furniture and equipment                                   120,848               119,198
      Automobiles                                                22,015                22,015
                                                     ------------------    ------------------
                                                                537,153               270,632
             Less accumulated depreciation                     (144,947)             (130,870)
                                                     ------------------    ------------------
                                                                392,206               139,762
      Land                                                      321,000                56,000
                                                     ------------------    ------------------
                                                                713,206               195,762
OTHER ASSETS
      Cost in excess of net assets of businesses
         acquired, less accumulated amortization                 31,250                35,000
      Deferred policy acquisition costs                         138,015               107,765
      Value of purchased insurance business                     308,671               355,966
      Deferred income taxes                                      37,241                37,240
      Other                                                      57,465               103,208
                                                     ------------------    ------------------
                                                                572,642               639,179
                                                     ------------------    ------------------

                                                     $        6,993,523    $        6,629,095
                                                     ==================    ==================


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


                                       3




                    Summit Life Corporation and Subsidiaries


                           Consolidated Balance Sheets

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                              September 30,     December 31,
                                                                    2002             2001
                                                              -------------    -------------
                                                               (Unaudited)
                                                                         
LIABILITIES
      Policy reserves and policyholder funds                  $   5,620,247    $   5,364,682
      Unpaid claims                                                     150           24,971
      Accounts payable                                               23,545           63,116
      Accrued liabilities                                            12,262            8,233
      Notes payable                                                 227,358          111,206
      Other liabilities                                                --               --
                                                              -------------    -------------
                                                                  5,883,562        5,572,208


STOCKHOLDERS' EQUITY
      Common stock, $.01 par value                                   26,913           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
      Additional paid-in capital                                  3,286,507        2,923,596
      Common stock of parent held by subsidiary                        --            (95,000)
      Common stock subscribed                                          --            422,200
      Accumulated other comprehensive income (loss)
      Unrealized appreciation (depreciation) of available            21,575           13,709
              for sale securities
      Accumulated deficit                                        (3,075,034)      (3,080,294)

                                                              -------------    -------------
                                                                  1,109,961        1,056,887

                                                              -------------    -------------
                                                              $   6,993,523    $   6,629,095
                                                              =============    =============













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


                                       4




                    Summit Life Corporation and Subsidiaries

                      Consolidated Statements of Operation
                                   (Unaudited)

                                                                     Three Months Ended            Nine Months Ended
                                                                        September 30,                 September 30,
                                                                 --------------------------    --------------------------
                                                                     2002           2001           2002           2001
                                                                 -----------    -----------    -----------    -----------
                                                                                                  
Revenues
   Insurance premiums                                            $   124,284    $   117,709    $   248,688    $   338,694
   Reinsurance premium ceded                                         (20,106)       (18,087)       (19,918)       (36,807)
                                                                 -----------    -----------    -----------    -----------
     Net premium income                                              104,178         99,622        228,770        301,887
   Investment activity

   Investment income                                                  64,813         73,906        415,192        244,195
     Net realized gain (loss) on available for sale securities          --             --            2,500         (6,830)
     Net loss on revaluation of held to maturity security            (35,411)          --          (35,411)          --
     Net gain (loss) on trading securities                           (32,651)      (104,479)        (4,977)      (178,341)
   Other                                                              15,107         29,460         46,316         47,966
                                                                 -----------    -----------    -----------    -----------
                                                                     116,036         98,509        652,390        408,877

Benefits, losses and expenses
   Policy benefits                                                    29,482         48,697        136,954        106,597
   Change in policy reserves                                          85,216         (3,973)       148,247        224,647
   Interest expense                                                       97          3,179            248         13,381
   Taxes, licenses and fees                                            5,719          5,463         14,499         15,831
   Depreciation and amortization                                      24,992         31,985         72,723         89,470
   General, administrative and other operating expenses               87,942         67,209        249,459        290,378
                                                                 -----------    -----------    -----------    -----------
                                                                     233,448        152,560        622,130        740,304
                                                                 -----------    -----------    -----------    -----------

        Earnings (Loss)
          before income taxes                                       (117,412)       (54,051)        30,260       (331,427)

Income tax provision                                                    --             --             --             --
                                                                 -----------    -----------    -----------    -----------

             NET EARNINGS (LOSS)                                 $  (117,412)   $   (54,051)   $    30,260    $  (331,427)

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


         NET EARNINGS (LOSS) APPLICABLE
         TO COMMON SHARES                                        $  (129,912)   $   (66,551)   $    (7,240)   $  (368,927)
                                                                 ===========    ===========    ===========    ===========

Earnings (Loss) per common share -
               Basic and diluted                                 $     (0.05)   $     (0.03)   $     (0.00)   $     (0.16)
                                                                 ===========    ===========    ===========    ===========

Weighted average outstanding common shares,
      basic and diluted                                            2,691,305      2,492,283      2,678,226      2,334,390
                                                                 ===========    ===========    ===========    ===========




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



                                       5




                    Summit Life Corporation and Subsidiaries

                 Consolidated Statement of Stockholders' Equity

                      Nine Months Ended September 30, 2002
                                   (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, 2002         $ 1,056,887     2,267,605   $    22,676         5,000   $   500,000       350,000   $   350,000

Common stock subscribed                  1,500          --            --            --            --            --            --

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

Close of public offering
  less expense of $56,652              (56,552)      423,700         4,237          --            --            --            --

Sale of stock held by subsidiary        95,000          --            --            --            --            --            --

Comprehensive income
   Net income (loss)                    30,260          --            --            --            --            --            --

  Other comprehensive inc
(loss)
  Unrealized gain on                     7,866          --            --            --            --            --            --
investments

    Comprehensive inc                   38,126
(loss)
                                   -----------   -----------   -----------   -----------   -----------   -----------   -----------
Balance at Sept. 30, 2002          $ 1,109,961     2,691,305   $    26,913         5,000   $   500,000       350,000   $   350,000
                                   ===========   ===========   ===========   ===========   ===========   ===========   ===========



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


Balance at January 1, 2002         $ 2,923,596   $   (95,000)  $    13,709   $   422,200   $(3,080,294)

Common stock subscribed                   --            --            --           1,500          --

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

Close of public offering
  less expense of $56,652              362,911          --            --        (423,700)         --

Sale of stock held by subsidiary          --          95,000          --            --            --

Comprehensive income
   Net income (loss)                      --            --            --            --          30,260

  Other comprehensive inc
(loss)
  Unrealized gain on                      --            --           7,866          --            --
investments

    Comprehensive inc
(loss)
                                   -----------   -----------   -----------   -----------   -----------
Balance at Sept. 30, 2002          $ 3,286,507   $      --     $    21,575   $      --     $(3,075,034)
                                   ===========   ===========   ===========   ===========   ===========





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

                                       6




                    Summit Life Corporation and Subsidiaries

                 Condensed Consolidated Statement of Cash Flows
                                   (Unaudited)

                                                               Nine Months Ended
                                                                  September 30,
                                                           --------------------------
                                                               2002           2001
                                                           -----------    -----------
                                                                    

Increase (Decrease) in Cash and Cash Equivalents

Net cash provided by (used in) operating activities        $   160,674    $  (161,704)

Net cash provided by (used in) investing activities            (87,997)     1,325,670

Net cash provided by (used in) financing activities            204,344       (702,445)

                                                           -----------    -----------
       NET INCREASE (DECREASE) IN CASH
          AND CASH EQUIVALENTS                                 277,021        461,521

Cash and cash equivalents at the beginning of the period     1,661,410        935,746
                                                           -----------    -----------

Cash and cash equivalents at the end of the period         $ 1,938,431    $ 1,397,267
                                                           ===========    ===========






















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


                                       7


                    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, 2002 are not necessarily  indicative of the results that may
be expected for the year ended December 31, 2002. For further information, refer
to the consolidated  annual financial  statements and footnotes  thereto for the
year ended December 31, 2001.


























                                       8



Item 2.  Management's Discussion and Analysis or Plan of Operation.

         This Report includes "forward-looking statements" within the meaning of
Section 27A of the  Securities Act of 1933, as amended (the  "Securities  Act"),
and  Section  21E of the  Securities  Exchange  Act of  1934,  as  amended.  All
statements  other than  statements of historical  facts included in this Report,
including,  without  limitation,   statements  regarding  the  Company's  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  the  Company  believes  that  the
expectations reflected in such forward-looking statements are reasonable, it 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 the  Company's
expectations  ("cautionary  statements") 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  the
Company's  Annual  Report on Form  10-KSB for the Year Ended  December  31, 2001
under "ITEM  6--MANAGEMENT'S  DISCUSSION  AND ANALYSIS OR PLAN OF OPERATION," as
well as the risks  disclosed in this  Report.  All  subsequent  written and oral
forward-looking statements attributable to the Company, or persons acting on its
behalf,   are  expressly   qualified  in  their  entirety  by  these  cautionary
statements.  The Company assumes no duty to update or revise its 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.

General

         The Company's primary focus is its life insurance operations.

Results of Operations

         Three Months Ended  September  30, 2002  Compared to Three Months ended
September 30, 2001

         Revenue.  Total revenues increased 18% from $98,509 to $116,036 for the
three months ended  September  30, 2001 and  September  30, 2002,  respectively.
Revenues  attributable  to life insurance  increased 5% from $99,622 to $104,178
for the three months ended September 30, 2002, compared to the same period ended
September 30, 2001.

         Investment income decreased 12% from $73,906 for the three months ended
September  30, 2001 to $64,813 for the three  months ended  September  30, 2002,
primarily as a result of  historically  low interest  rates which have increased
prepayments of government securities which comprise a significant portion of the
Company's investment portfolio.

         The Company recognized a loss on the write-down of an impaired security
during the quarter in the amount of $35,411.  The Company  continues to hold the
security.

         Net losses on trading securities of $32,651 were reported for the three
months ended September 30, 2002 compared to net losses on trading  securities of
$104,479 for the three months ended  September 30, 2001.  The terrorist  acts of
September  2001  severely  impacted  the  market  during  that  month and a slow
economic  recovery  has had  lasting  repercussions  in the market over the last
twelve  months.  The Company began trading  securities in the fourth  quarter of
2000 and is 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.


                                       9


         Other  income  decreased  from  $29,460  for  the  three  months  ended
September  30, 2001 to $15,107 for the three  months ended  September  30, 2002.
Other  income  results  from   administration   contracts  whereby  the  Company
administers  blocks of business for third parties and the Company also generates
commission income from ceded reinsurance.

         Costs and  Expenses.  Total  expenses  increased  53% from  $152,560 to
$233,448 for the three months ended  September 30, 2001 and 2002,  respectively.
Policies written in the third quarter of 2002 resulted in substantial  increases
in reserves  while the third quarter of 2001  reflected  slight  decreases.  The
increase in expenses is a result of marketing strategies employed by the Company
that have been responsible for increases in premium revenues.

         Policy  benefits  decreased  from $48,697 to $29,482 for the comparable
periods. Policy reserves increased $89,189 for the comparable periods.  Interest
expense  decreased  from  $3,179 to $97 for the  comparable  periods  due to the
reduction of Company debt.  Depreciation and amortization decreased from $31,985
to $24,992 for the three months ended September 30, 2001 and 2002, respectively,
as the Company  continued to amortize the block of business  acquired with Great
Midwest Life Insurance  Company.  General expenses increased 31% from $67,209 to
$87,942 for the comparable  periods due in part to commission expense associated
with the new business written by the Company.

         Income/Loss. The Company reported a net loss for the three months ended
September  30, 2002 of  $117,412,  compared  to a net loss for the three  months
ended September 30, 2001 of $54,051.  The Company  increased  revenues from life
insurance and reduced trading losses,  but was impacted by the one-time security
write-off and new business costs during the quarter.

         The  Company  reported  net loss per  share of $0.05  per share for the
three months ended September 30, 2002, compared to a net loss of $0.03 per share
for the three months ended September 30, 2001.

         Nine Months  Ended  September  30, 2002  Compared to Nine Months  ended
September 30, 2001

         Revenue. Total revenues increased 60% from $408,877 to $652,390 for the
nine months ended September 30, 2001 and September 30, 2002,  respectively.  The
increase  was  primarily  the  result  of  the   acquisition  of  business  from
Presidential Life Insurance Company of Dallas, Texas  ("Presidential")  that was
completed in August 2001,  as well as the sale of a  communications  tower lease
for $211,000 in June 2002. Revenues attributable to life insurance decreased 24%
from $301,887 to $228,770 for the nine months ended September 30, 2002, compared
to the same period ended  September 30, 2001.  The decrease was due primarily to
the sale of several  sizeable  contracts during the second and third quarters of
2001.

         Investment income increased 70% from $244,195 for the nine months ended
September  30, 2001 to $415,192  for the nine months ended  September  30, 2002,
primarily as a result of the sale of a communications tower lease for $211,000.

         The Company recognized a loss on the write-down of an impaired security
during the third quarter of 2002 in the amount of $35,411. The Company continues
to hold the security.

         Net losses on trading securities of $4,977 were reported for the period
ended  September 30, 2002  compared to losses on trading  securities of $178,341
for the period ended  September 30, 2001.  The terrorist  acts of September 2001
severely  impacted the market during that month and a slow economic recovery has
had lasting repercussions in the market over the last twelve months. The Company
began trading securities in the fourth quarter of 2000 and is 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.


                                       10


         Other income decreased  slightly from $47,966 for the nine months ended
September  30, 2001 to $46,316 for the nine months  ended  September  30,  2002.
Other  income  results  from   administration   contracts  whereby  the  Company
administers  blocks of business for third parties and the Company also generates
commission income from ceded reinsurance.

         Costs and  Expenses.  Total  expenses  decreased  16% from  $740,304 to
$622,130 for the nine months ended  September  30, 2001 and 2002,  respectively.
Reserve  increases for the first nine months of 2002 were not as  substantial as
those  reported  in the first nine  months of 2001 due to the amount and type of
business  written.  As a  result,  the  size  of the  reserve  increase  dropped
substantially  for the first nine  months of 2002 as compared to the same period
of 2001.

         Policy benefits  increased from $106,597 to $136,954 for the comparable
periods,  due in part to the acquisition of business from  Presidential.  Policy
reserves  decreased  $76,400  for  the  comparable  periods.   Interest  expense
decreased from $13,381 to $248 for the  comparable  periods due to the reduction
of Company debt. Depreciation and amortization decreased from $89,470 to $72,723
for the nine months  ended  September  30, 2001 and 2002,  respectively,  as the
Company  continued to amortize the block of business acquired with Great Midwest
Life Insurance Company. General expenses decreased 14% from $290,378 to $249,459
for the comparable periods as a result of management cost containment programs.

         Net  Gain/Loss.  The  Company  reported a net gain for the nine  months
ended September 30, 2002 of $30,260,  compared to a net loss for the nine months
ended September 30, 2001 of $331,427. The increase was primarily due to the sale
of a  communications  tower lease for $211,000 and the  acquisition  of business
from Presidential. The Company reported income from the sale of a communications
tower lease and reduced trading losses and operating costs significantly  during
the period.

         The  Company  reported  a net loss per share of $0.00 per share for the
nine months ended September 30, 2002,  compared to a net loss of $0.16 per share
for the nine months ended September 30, 2001.

Liquidity and Capital Resources

         Total  assets  were  $6,993,523  at  September  30,  2002,  compared to
$6,849,138 at September 30, 2001, an increase of 2%. The increase was due to new
business written by the Company during the last twelve months.

         Total liabilities (primarily insurance reserves for future policyholder
benefits)  were  $5,883,562  at September  30, 2002,  compared to  $5,556,230 at
September  30, 2001,  an increase of 6%. The  increase was due  primarily to new
business written by the Company.

         Total  stockholders'  equity was  $1,109,961  at  September  30,  2002,
compared to  $1,292,908  at September  30, 2001, a decrease of 14%. The decrease
was  attributable  to the  Company's  operating  losses  during the last  twelve
months.

         The  principal  requirements  for  liquidity  in  connection  with  the
Company's  operations  are its  contractual  obligations  to  policyholders  and
annuitants.  The Company's 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.


                                       11


         The Company  acquired  commercial  property during the third quarter of
2002 for  $529,871.  The  property,  which is located in the Oklahoma City metro
area, consists of offices and an extended warehouse, as well as land surrounding
the building.  The Company currently rents the offices to tenants,  but may move
its corporate  operations  to the property and sell or lease the building  which
houses its current offices.  In addition,  during the fourth quarter the Company
has expended,  and expects to further expend, a total of approximately  $300,000
to convert the warehouse  and remaining  land into  temperature  controlled  and
regular  mini-storage  units.  When the  property is fully  leased,  the Company
expects to recognize  investment  income from the property.  The purchase of the
property and the  improvements  were and are being made from  existing cash flow
from operations."

         The Company  currently  funds most of its activity  directly  from cash
flow from operations and cash flow from activities,  which includes  deposits to
policyholders'   account  balances.  The  Company's  liquidity  position  showed
improvement  from the previous  comparable  quarter,  with a 39% net increase in
cash and cash equivalents.  However,  this liquidity was provided  substantially
from two nonrecurring transactions: the sale of a communications tower lease for
$211,000  in June  2002  and  the  sale in June  2002 of  19,000  shares  of the
Company's common stock for $95,000.

         The Company has made and intends to make  substantial  expenditures  in
connection   with  its   subsidiary's   acquisition   and  marketing   programs.
Historically,  the Company  has funded  these  expenditures  from cash flow from
operations.

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

Item 3.  Controls and Procedures.

         The Company's  principal  executive  officers and  principal  financial
officers have concluded,  based on their  evaluation as of a date within 90 days
of the filing of this Form 10-QSB,  that its disclosure  controls and procedures
(as defined in Rules  13a-14 and 15d-14  under the  Securities  Exchange  Act of
1934) are effective. There have been no significant changes in internal controls
or in other factors that could significantly affect these controls subsequent to
the date of their  evaluation,  including any corrective  actions with regard to
significant deficiencies and material weaknesses.

                           PART II - Other Information

Item 6.  Exhibits and Reports on Form 8-K

         (a)      Exhibits:



 Exhibit
 Number                                  Name of Exhibit
 -------                                 ---------------

     3.1          First Amended and Restated Certificate of Incorporation (filed
                  as Exhibit 3.1 to the Company's Registration Statement on Form
                  SB-2,  file  number  333-65097  and  incorporated   herein  by
                  reference).



                                       12


     3.2          First Amended and Restated Bylaws (filed as Exhibit 3.2 to the
                  Company's  Registration  Statement  on Form SB-2,  file number
                  333-65097 and incorporated herein by reference).

     4.1          Specimen Certificate of the common stock (filed as Exhibit 4.1
                  to the  Company's  Registration  Statement on Form SB-2,  file
                  number 333-65097 and incorporated herein by reference).

     4.2          See  Articles  V  and  X  of  the  Company's   Certificate  of
                  Incorporation and Article VI of the Company's Bylaws (filed as
                  Exhibit 4.2 to the  Company's  Registration  Statement on Form
                  SB-2,  file  number  333-65097  and  incorporated   herein  by
                  reference).

     4.3          Specimen Certificate of the Series A Preferred Stock (filed as
                  Exhibit 4.1 to the Company's  Quarterly  Report on Form 10-QSB
                  for the Quarter ended June 30, 1999 and incorporated herein by
                  reference).

     4.4          Certificate of Designation of Series A Preferred  Stock (filed
                  as  Exhibit  4.2 to the  Company's  Quarterly  Report  on Form
                  10-QSB for the Quarter  ended June 30,  1999 and  incorporated
                  herein by reference).

     4.5          Certificate of  Designation of Series B Convertible  Preferred
                  Stock (filed as Exhibit 4.1 to the Company's  Quarterly Report
                  on Form 10-QSB for the Quarter  ended  September  30, 2000 and
                  incorporated herein by reference).

    99.1*         Certification of Periodic  Financial Report by Chief Financial
                  Officer Pursuant to 18 U.S.C.ss. 1350.


    99.2*         Certification of Periodic  Financial Report by Chief Executive
                  Officer Pursuant to 18 U.S.C.ss. 1350.


    99.3*         Certification of Periodic Financial Report by Chief Accounting
                  Officer Pursuant to 18 U.S.C.ss. 1350.


         *        Filed herewith.

         (b)      Reports on Form 8-K: none.









                                       13


                                   SIGNATURES

         In accordance with the  requirements of the Securities  Exchange Act of
1934,  the  registrant  caused  this  report to be  signed on its  behalf by the
undersigned, thereunto duly authorized.


                                              SUMMIT LIFE CORPORATION
                                              an Oklahoma corporation


Date:  November 14, 2002                      /s/Charles L. Smith
                                              ----------------------------------
                                              Charles L. Smith
                                              President, Chief Operating Officer
                                              and Chief Financial Officer



Date:  November 14, 2002                      /s/Quinton L. Hiebert
                                              ----------------------------------
                                              Quinton L. Hiebert
                                              Chief Accounting Officer
















                                       14


                                 CERTIFICATIONS

I, Charles L. Smith, President, Chief Operating Officer, Chief Financial Officer
and a Director of Summit Life Corporation certify that:

1. I have  reviewed  this  quarterly  report  on  Form  10-QSB  of  Summit  Life
Corporation;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this  quarterly  report fairly  present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

         (a) designed  such  disclosure  controls and  procedures to ensure that
material  information  relating to the  registrant,  including its  consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this quarterly report is being prepared;

         (b) evaluated the effectiveness of the registrant's disclosure controls
and  procedures  as of a date  within 90 days prior to the  filing  date of this
quarterly report (the "Evaluation Date"); and

         (c)  presented  in this  quarterly  report  our  conclusions  about the
effectiveness of the disclosure  controls and procedures based on our evaluation
as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):

         (a) all significant deficiencies in the design or operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and have  identified  for the
registrant's auditors any material weaknesses in internal controls; and

         (b) any fraud,  whether or not material,  that  involves  management or
other  employees  who  have a  significant  role  in the  registrant's  internal
controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

                                           Date:  November 14, 2002

                                           /s/Charles L. Smith
                                           -------------------------------------
                                           Charles L. Smith
                                           President, Chief Operating Officer,
                                           Chief Financial Officer, and Director






                                       15


I,  Quinton L.  Hiebert,  Chief  Accounting  Officer of Summit Life  Corporation
certify that:

1. I have  reviewed  this  quarterly  report  on  Form  10-QSB  of  Summit  Life
Corporation;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this  quarterly  report fairly  present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

         (a) designed  such  disclosure  controls and  procedures to ensure that
material  information  relating to the  registrant,  including its  consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this quarterly report is being prepared;

         (b) evaluated the effectiveness of the registrant's disclosure controls
and  procedures  as of a date  within 90 days prior to the  filing  date of this
quarterly report (the "Evaluation Date"); and

         (c)  presented  in this  quarterly  report  our  conclusions  about the
effectiveness of the disclosure  controls and procedures based on our evaluation
as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):

         (a) all significant deficiencies in the design or operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and have  identified  for the
registrant's auditors any material weaknesses in internal controls; and

         (b) any fraud,  whether or not material,  that  involves  management or
other  employees  who  have a  significant  role  in the  registrant's  internal
controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

                                                        Date:  November 14, 2002

                                                        /s/ Quinton L. Hiebert
                                                        ------------------------
                                                        Quinton L. Hiebert
                                                        Chief Accounting Officer



                                       16


I,  James L.  Smith,  Chief  Executive  Officer  and a Director  of Summit  Life
Corporation certify that:

1. I have  reviewed  this  quarterly  report  on  Form  10-QSB  of  Summit  Life
Corporation;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this  quarterly  report fairly  present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

         (a) designed  such  disclosure  controls and  procedures to ensure that
material  information  relating to the  registrant,  including its  consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this quarterly report is being prepared;

         (b) evaluated the effectiveness of the registrant's disclosure controls
and  procedures  as of a date  within 90 days prior to the  filing  date of this
quarterly report (the "Evaluation Date"); and

         (c)  presented  in this  quarterly  report  our  conclusions  about the
effectiveness of the disclosure  controls and procedures based on our evaluation
as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):

         (a) all significant deficiencies in the design or operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and have  identified  for the
registrant's auditors any material weaknesses in internal controls; and

         (b) any fraud,  whether or not material,  that  involves  management or
other  employees  who  have a  significant  role  in the  registrant's  internal
controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

                                              Date:  November 14, 2002

                                              /s/ James L. Smith
                                              ----------------------------------
                                              James L. Smith
                                              Chief Executive Officer and
                                              Chairman of the Board of Directors




                                       17


   Exhibit
   Number                                Name of Exhibit
   -------                               ---------------

     3.1          First Amended and Restated Certificate of Incorporation (filed
                  as Exhibit 3.1 to the Company's Registration Statement on Form
                  SB-2,  file  number  333-65097  and  incorporated   herein  by
                  reference).

     3.2          First Amended and Restated Bylaws (filed as Exhibit 3.2 to the
                  Company's  Registration  Statement  on Form SB-2,  file number
                  333-65097 and incorporated herein by reference).

     4.1          Specimen Certificate of the common stock (filed as Exhibit 4.1
                  to the  Company's  Registration  Statement on Form SB-2,  file
                  number 333-65097 and incorporated herein by reference).

     4.2          See  Articles  V  and  X  of  the  Company's   Certificate  of
                  Incorporation and Article VI of the Company's Bylaws (filed as
                  Exhibit 4.2 to the  Company's  Registration  Statement on Form
                  SB-2,  file  number  333-65097  and  incorporated   herein  by
                  reference).

     4.3          Specimen Certificate of the Series A Preferred Stock (filed as
                  Exhibit 4.1 to the Company's  Quarterly  Report on Form 10-QSB
                  for the Quarter ended June 30, 1999 and incorporated herein by
                  reference).

     4.4          Certificate of Designation of Series A Preferred  Stock (filed
                  as  Exhibit  4.2 to the  Company's  Quarterly  Report  on Form
                  10-QSB for the Quarter  ended June 30,  1999 and  incorporated
                  herein by reference).

     4.5          Certificate of  Designation of Series B Convertible  Preferred
                  Stock (filed as Exhibit 4.1 to the Company's  Quarterly Report
                  on Form 10-QSB for the Quarter  ended  September  30, 2000 and
                  incorporated herein by reference).

    99.1*         Certification of Periodic  Financial Report by Chief Financial
                  Officer Pursuant to 18 U.S.C.ss. 1350.


    99.2*         Certification of Periodic  Financial Report by Chief Executive
                  Officer Pursuant to 18 U.S.C.ss. 1350.


    99.3*         Certification of Periodic Financial Report by Chief Accounting
                  Officer Pursuant to 18 U.S.C.ss. 1350.


         *        Filed herewith.




                                       18