<PAGE>
SUPPLEMENT DATED DECEMBER 21, 1998 TO PROSPECTUS DATED MAY 1, 1998 FOR
PACIFIC SELECT EXEC, PACIFIC SELECT CHOICE, PACIFIC SELECT ESTATE PRESERVER
LAST SURVIVOR
AND PACIFIC SELECT ESTATE PRESERVER II LAST SURVIVOR
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICIES AND THE PACIFIC SELECT
ESTATE MAXIMIZER MODIFIED SINGLE PREMIUM VARIABLE LIFE INSURANCE POLICY (EACH
A "PROSPECTUS")
ISSUED BY PACIFIC LIFE INSURANCE COMPANY
Each Prospectus is revised as follows:
Effective January 1, 1999, four new Variable Investment Options that invest
in corresponding Portfolios of Pacific Select Fund are available to you.
The following new Portfolios of the Pacific Select Fund are added to the
list of Portfolios on the first page:
<TABLE>
<S> <C>
Mid-Cap Value Portfolio Small-Cap Index Portfolio
Large-Cap Value Portfolio REIT Portfolio
</TABLE>
IMPORTANT TERMS
The last sentence under the definition of "Variable Account" is revised by
adding the following as subaccounts of the Pacific Select Exec Separate
Account:
Mid-Cap Value Variable Account, Large-Cap Value Variable Account, Small-Cap
Index Variable Account and REIT Variable Account
SUMMARY OF THE POLICY
The table under "Fund Annual Expenses After Expense Limitation" is revised
by adding the following:
<TABLE>
<CAPTION>
ADVISORY OTHER TOTAL
FEE EXPENSES EXPENSES
-------- -------- --------
<S> <C> <C> <C>
Mid-Cap Value Portfolio........................... .85% .06% .91%
Large-Cap Value Portfolio......................... .85% .06% .91%
Small-Cap Index Portfolio......................... .50% .06% .56%
REIT Portfolio.................................... 1.10% .06% 1.16%
</TABLE>
The second paragraph below the table under "Fund Annual Expenses After
Expense Limitation" is revised as follows:
The first sentence of the second paragraph is revised to read:
The expenses listed for the other fourteen Fund Portfolios reflect current
expenses for the year ending December 31, 1997, except that the Advisory Fee
for the International Portfolio has been adjusted to reflect the Advisory Fee
without any waiver.
The following sentence is added at the beginning of the second paragraph:
The Mid-Cap Value, Large-Cap Value, Small-Cap Index, and REIT Portfolios had
not yet begun operations and their "other expenses" have been estimated.
INFORMATION ABOUT PACIFIC LIFE, THE SEPARATE ACCOUNT, AND THE FUND
The fourth sentence in the first paragraph under "The Pacific Select Fund" is
revised to read:
The Fund currently offers eighteen separate Portfolios to the Separate Account
that fund the Variable Investment Options available to you.
<PAGE>
The chart under "The Pacific Select Fund" is revised by adding:
<TABLE>
<CAPTION>
PRIMARY INVESTMENTS
PORTFOLIO OBJECTIVE (UNDER NORMAL CIRCUMSTANCES) PORTFOLIO MANAGER
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Mid-Cap Value Capital appreciation Equity securities of medium- Lazard Asset Management
capitalization domestic companies
believed to be undervalued
- ------------------------------------------------------------------------------------------------------------------
Large-Cap Value Long-term growth of capital Equity securities of large Salomon Brothers Asset
capitalization companies Management Inc.
- ------------------------------------------------------------------------------------------------------------------
Small-Cap Index Provide investment results that Stocks included in the Russell 2000 Bankers Trust Company
correspond to the total return of the Index
Russell 2000 Small Stock Index
- ------------------------------------------------------------------------------------------------------------------
REIT Current income and long-term growth Real Estate Investment Trusts and Morgan Stanley Asset
of capital equity securities of companies Management Inc.
principally engaged in the U.S.
real estate industry
</TABLE>
The last sentence under "The Investment Adviser and Portfolio Managers" is
revised to read:
For sixteen of the Portfolios, we and the Fund have engaged other firms to
serve as Portfolio Managers which are shown in the chart above.
<PAGE>
Form No. 15-21448-00
