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Supplement Dated June 1, 1999 to Prospectus dated May 1, 1999
for Pacific Innovations Variable Annuity
Issued by Pacific Life Insurance Company ("Prospectus")
This supplement amends your Prospectus as follows:
For Contracts issued on June 1, 1999 or later, we will allocate any Purchase
Payments we receive in accordance with your application or most recent
instructions regardless of where you reside. We will no longer require that we
hold your initial Purchase Payments in the Money Market Investment Option until
your free look transfer date if your Contract is delivered in a state that
requires us to refund premium if you exercise your right to cancel.
We also will waive the restriction on transfers from the Money Market Investment
Option before the free look transfer date.
Right to Cancel
You may return your Contract for cancellation and a full refund during your
Right to Cancel period. Your Right to Cancel period is usually the 10-day
period beginning on the day you receive your Contract, but may vary if required
by state law. For more information, see APPENDIX A: STATE LAW VARIATIONS. If
you return your Contract, it will be canceled and treated as void from your
Contract Date. You will then receive a refund of your Contract Value as of the
end of the Business Day on which we receive your Contract for cancellation, plus
a refund of any amounts that may have been deducted as Contract charges to pay
for premium taxes and/or other taxes. Thus, a Contract Owner who returns a
Contract within the Right to Cancel period bears only the investment risk
attributable to Purchase Payments. If you are an Eligible Person and we credit
additional amounts to your Contract as described in CHARGES, FEES, AND
DEDUCTIONS - Waivers and Reduced Charges, if you return your Contract during the
Right to Cancel period you will not receive any amounts that we add as a credit
or any gains or losses on the amounts credited (but if the credited amounts and
gains on such amounts exceed the withdrawal charge percentage on your Contract,
you will receive the amount of the excess). You will receive any Contract fees
and charges that we deducted from the credited amounts. We have applied to the
Securities and Exchange Commission for an exemptive order to change the amount
you would receive if you return your Contract during the Right to Cancel period.
We can not be sure that the SEC will grant this order, but if it is granted, you
would not receive any amounts that we add as a credit or Contract fees and
charges deducted from those amounts, but you would keep the gains or losses on
the credited amounts.
Some states' laws and IRA Rules require us to refund your Purchase Payments
instead of your Account Value. You may not waive your Right to Cancel.
