<PAGE>
SUPPLEMENT DATED FEBRUARY 27, 1997 TO
THE PROSPECTUS DATED JANUARY 15, 1997 FOR THE
PACIFIC SELECT ESTATE PRESERVER
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE
POLICIES ISSUED BY PACIFIC MUTUAL LIFE INSURANCE COMPANY (THE "PROSPECTUS")
The Prospectus brochure cover is amended to reflect that the Pacific Select Fund
Prospectus is dated April 1, 1996.
The primary investments for the Managed Bond, Government Securities, and
Aggressive Equity Portfolios in the chart on page eleven are amended to read
as follows:
<TABLE>
<CAPTION>
PRIMARY INVESTMENTS
PORTFOLIO (UNDER NORMAL CIRCUMSTANCES)
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<S> <C>
Managed Bond Investment grade marketable debt securities. Will
normally maintain an average portfolio duration of
3-7 years
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Government Securities U.S. Government securities including futures and options
thereon and high-grade corporate debt securities. Will
normally maintain an average portfolio duration of 3-7
years
- --------------------------------------------------------------------------------
Aggressive Equity Stock of small- and medium-sized companies
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</TABLE>
