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SUPPLEMENT DATED JULY 22, 1996 TO THE PROSPECTUS
FOR THE PACIFIC SELECT EXEC FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY
DATED APRIL 1, 1996 ("PROSPECTUS")
THE PROVISIONS OF THE "TRANSFER OF ACCUMULATED VALUE" SECTION AND OF THE
"TRANSFERS, SURRENDERS, WITHDRAWALS, AND POLICY LOANS" SECTION OF THE PROSPECTUS
FOR THE PACIFIC SELECT EXEC FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY ARE
MODIFIED AS FOLLOWS:
Accumulated Value may be transferred after the Free-Look Period from the
Variable Accounts to the Fixed Account; however, such a transfer will only be
permitted in the Policy Month preceding a Policy Anniversary, except that such a
transfer may be made at any time during the first 24 Policy Months.