<PAGE>
As filed with the Securities and Exchange Commission on February 5, 1999
Registration No. 333-60461
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 1 TO
FORM S-6
FOR REGISTRATION UNDER THE SECURITIES ACT
OF 1933 OF SECURITIES OF UNIT INVESTMENT
TRUSTS REGISTERED ON FORM N-8B-2
PACIFIC SELECT EXEC SEPARATE ACCOUNT OF
PACIFIC LIFE INSURANCE COMPANY
(Exact Name of Registrant)
PACIFIC LIFE INSURANCE COMPANY
(Name of Depositor)
700 Newport Center Drive
P.O. Box 9000
Newport Beach, California 92660
(Address of Depositor's Principal Executive Office)
Diane N. Ledger
Vice President
Pacific Life Insurance Company
700 Newport Center Drive
P.O. Box 9000
Newport Beach, California 92660
(Name and Address of Agent for Service of Process)
Copies to:
Jeffrey S. Puretz, Esq.
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006-2401
It is proposed that this filing will become effective on February 5, 1999
pursuant to paragraph (b) of Rule 485.
Title of securities being registered: interests in the Separate Account under
Pacific Select Exec II Flexible Premium Variable Life Insurance Policies.
Filing fee: None
The Registrant is registering an indefinite number of securities under the
Securities Act of 1933 pursuant to Rule 24F-2 under the Investment Company Act
of 1940, and will file its Rule 24f-2 Notice for the fiscal year ending December
31, 1998, within the time period required by Section 24 of the Investment
Company ACt of 1940 and applicable regulations thereunder.
<PAGE>
Pacific Select Exec Separate Account of Pacific
Life Insurance Company
CROSS-REFERENCE SHEET
Pursuant to Rule 404(c) of Regulation C
under the Securities Act of 1933
(Form N-8B-2 Items required by Instruction as
to the Prospectus in Form S-6)
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
1.(a) Name of trust Prospectus front cover
(b) Title of securities issued Prospectus front cover
2. Name and address of each depositor Prospectus front cover
3. Name and address of trustee N/A
4. Name and address of each principal Pacific Life
underwriter Insurance Company
5. State of organization of trust Pacific Select Exec
Separate Account
6. Execution and termination of trust Pacific Select Exec
agreement Separate Account
7. Changes of name N/A
8. Fiscal year N/A
9. Litigation N/A
II. General Description of the Trust
and Securities of the Trust
10.(a) Registered or bearer
securities The Policy
(b) Cumulative or distributive
<PAGE>
securities The Policy
(c) Conversion, transfer, etc. Transfers, Surrenders,
Withdrawals and
Policy Loans;
Surrender
(d) Periodic payment plan N/A
(e) Voting rights Voting on Fund Shares
(f) Notice to security holders Confirmation Statements and Other
Reports to Owners
(g) Consents required Disregard of Voting
Instructions;
Substitution of
Investments
(h) Other provisions The Policy
11. Type of securities comprising
units The Policy
12. Certain information regarding
periodic payment plan
certificates N/A
13.(a) Load, fees, expenses, etc. Charges and Deductions
(b) Certain information regarding
periodic payment plan
certificates N/A
(c) Certain percentages Charges and Deductions
(d) Certain other fees, etc. Charges and Deductions
(e) Certain other profits or
benefits The Policy
(f) Ratio of annual charges to
income N/A
14. Issuance of trust's securities The Policy
<PAGE>
15. Receipt and handling of payments
from purchasers The Policy; Premiums
16. Acquisition and disposition of Introduction; Pacific
underlying securities Select Exec Separate
Account; The Policy
17. Withdrawal or redemption Transfers, Surrenders,
Withdrawals and
Policy Loans;
Surrender
18.(a) Receipt, custody and dis-
position of income The Policy
(b) Reinvestment of
distributions N/A
(c) Reserves or special funds N/A
(d) Schedule of distributions N/A
19. Records, accounts and reports Confirmation Statements and Other
Reports to Owners
20. Certain miscellaneous provisions
of trust agreement:
(a) Amendment N/A
(b) Termination N/A
(c) and (d) Trustees, removal and
successor N/A
(e) and (f) Depositors, removal
and successor N/A
21. Loans to security holders Policy Loans
22. Limitations on liability N/A
23. Bonding arrangements N/A
24. Other material provisions of
trust agreement N/A
<PAGE>
III. Organizations, Personnel and
Affiliated Persons of Depositor
25. Organization of depositor Pacific Life
Insurance Company
26. Fees received by depositor See Items 13(a) and
13(e)
27. Business of depositor Pacific Life
Insurance Company
28. Certain information as to officials
and affiliated persons of More about Pacific
depositor Life
29. Voting securities of depositor N/A
30. Persons controlling depositor N/A
31. Payments by depositor for certain services
rendered to trust N/A
32. Payments by depositor for certain
other services rendered to trust N/A
33. Remuneration of employees of
depositor for certain services
rendered to trust Charges and Deductions
34. Remuneration of other persons
for certain services rendered
to trust Charges and Deductions
IV. Distribution and Redemption of
Securities
35. Distribution of trust's securities
by states N/A
36. Suspension of sales of trust's
securities N/A
37. Revocation of authority to
distribute N/A
<PAGE>
38.(a) Method of distribution Distribution of the
Policy
(b) Underwriting agreements Distribution of the
Policy
(c) Selling agreements Distribution of the
Policy
39.(a) Organization of principal
underwriters See Item 25
(b) N.A.S.D. membership of
principal underwriters See Item 25
40. Certain fees received by principal See Items 13(a) and
underwriters 13(e)
41.(a) Business of each principal
underwriter See Item 27
(b) Branch offices of each
principal underwriter N/A
(c) Salesmen of each principal
underwriter N/A
42. Ownership of trust's securities
by certain persons N/A
43. Certain brokerage commissions
received by principal
underwriters N/A
44.(a) Method of valuation Determination of
Accumulated Value
(b) Schedule as to offering
price Charges and Deductions
(c) Variation in offering price
to certain persons Charges and Deductions
45. Suspension of redemption rights Surrender
<PAGE>
46.(a) Redemption valuation See Items 10(c) and (d)
(b) Schedule as to redemption
price Surrender
47. Maintenance of position in
underlying securities The Pacific Select Fund
V. Information Concerning the
Trustee or Custodian
48. Organization and regulation of
trustee N/A
49. Fees and expenses of trustees N/A
50. Trustee's lien N/A
VI. Information Concerning Insurance of
Holders of Securities
51. Insurance of holders of trust's Pacific Life
securities Insurance Company;
The Policy
52.(a) Provisions of trust agreement
with respect to selection or
elimination of under- Substitution of
lying securities Investments
(b) Transactions involving elimi-
nation of underlying Substitution of
securities Investments
(c) Policy regarding substitution
or elimination of under- See Items 13(a) and
lying securities 52(a)
(d) Fundamental policy not other-
wise covered N/A
53. Tax status of trust Federal Income Tax
Considerations
VIII. Financial and Statistical Information
<PAGE>
54. Trust's securities during last
ten years N/A
55. N/A
56. Certain information regarding peri-
odic payment plan certificates Premiums
57. N/A
58. N/A
59. Financial statements (Instruc-
tion 1(c) of "Instructions as
to the Prospectus" of Form
S-6) Financial Statements
<PAGE>
PROSPECTUS
(Included in Pre-Effective Amendment No. 1 to the Registrant's Registration
Statement on Form S-6, Accession No. 0001017062-98-002348, File No. 333-60461,
as filed on November 19, 1998, and incorporated by reference herein.)
<PAGE>
Supplement dated February 5, 1999 to Prospectus dated December 14, 1998 for
Pacific Select Exec II Flexible Premium Variable Life Insurance Policy
Issued by Pacific Life Insurance Company
The Prospectus is revised as follows:
SUMMARY OF THE POLICY
The first paragraph under "Surrender Charge" is revised to read:
Pacific Life will assess a surrender charge against Accumulated Value upon
surrender of a Policy. The surrender charge is a specified amount that varies
with the Age and risk classification of the Insured, and the Death Benefit
Option selected, for each $1,000 of a Policy's Face Amount in accordance with
the schedule in Appendix B. The surrender charge remains level for the first
Policy Year, then decreases by 0.9259% per month to zero at the end of the
120th month.
However, your Policy's surrender charge will never be greater than the
maximum surrender charge, which is a specified amount that varies with the Age
and risk classification of the Insured, and the Death Benefit Option selected,
for each $1,000 of a Policy's Face Amount in accordance with the schedule in
Appendix D. The maximum surrender charge remains level until the end of the
120th month, then becomes zero.
The first sentence of the second paragraph under "Surrender Charge" is
revised to read:
If there are increases in the Face Amount, each increase will have a
corresponding surrender charge and maximum surrender charge related to the
amount of the increase.
The third paragraph under "Surrender Charge" is revised to read:
There is no reduction of surrender charge or maximum surrender charge when
the Face Amount of a Policy is decreased.
CHARGES AND DEDUCTIONS
The section entitled "Surrender Charge" is revised to read:
A surrender charge may be deducted from your Accumulated Value upon
surrender of your Policy. The surrender charge is a specified amount that
varies with the Age and risk classification of the Insured, and the Death
Benefit Option selected, for each $1,000 of a Policy's Face Amount in
accordance with the schedule in Appendix B. The surrender charge remains level
for the first Policy Year, then decreases by 0.9259% per month to zero at the
end of the 120th month.
However, your Policy's surrender charge will never be greater than the
maximum surrender charge, which is a specified amount that varies with the Age
and risk classification of the Insured, and the Death Benefit Option selected,
for each $1,000 of a Policy's Face Amount in accordance with the schedule in
Appendix D. The maximum surrender charge remains level until the end of the
120th month, then becomes zero.
For example, if a Male Insured Age 45 who is a non-smoker purchases a Policy
with a Face Amount of $350,000, the charge for surrender of the Policy,
assuming standard underwriting risk:
<TABLE>
<CAPTION>
Policy Surrender Policy Maximum
Charge Surrender Charge
-------------------- -------------------
Option Option
A or C Option B A or C Option B
--------- ---------- --------- ---------
<S> <C> <C> <C> <C>
Policy surrendered during the first
Policy Year.......................... $9,096.50 $12,155.50 $4,426.10 $5,752.60
Policy surrendered at end of the fifth
Policy Year.......................... $5,053.61 $ 6,753.06 $4,426.10 $5,752.60
Policy surrendered at end of the sixth
Policy Year.......................... $4,042.89 $ 5,402.44 $4,426.10 $5,752.60
</TABLE>
<PAGE>
For the Option B Policy in the example above, the maximum surrender charge
of $5,752.60 would be deducted from the Accumulated Value if the Policy was
surrendered during the first Policy Year, or at the end of the fifth Policy
Year. However, if the Option B Policy was surrendered at the end of the sixth
Policy Year, the surrender charge of $5,402.44 is less than the maximum
surrender charge and would be the amount deducted from the Accumulated Value
of the Policy upon surrender.
If there have been increases in the Face Amount, each increase will have a
corresponding surrender charge and maximum surrender charge related to the
amount of the increase. These charges will be specified in a supplemental
schedule of benefits at the time of the increase.
There is no reduction of surrender charge or maximum surrender charge when
the Face Amount of a Policy is decreased.
The maximum surrender charge under a Policy will never exceed $33.99 per
$1,000 of original Face Amount.
APPENDIX A
The paragraph under the "Mortality and Expense Risk Face Amount Charge"
chart in Appendix A is revised to read:
If the Insured is assigned a risk classification other than standard, a
factor is applied to the M&E Risk Face Amount Charge according to the
nonstandard table rating assigned to that Insured. For Insureds assigned a
nonstandard rating reflected in the table below, the rates above are
multiplied by the applicable nonstandard table factor below for that Insured
if Death Benefit Option A or C is selected. A factor of 1.00 is applied to the
M&E Risk Face Amount Charge for an Insured assigned a risk classification
other than standard if Death Benefit Option B is selected.
APPENDIX B
The first sentence of the paragraph under the "Surrender Charge" chart in
Appendix B is revised to read:
If the Insured is assigned a risk classification other than standard, a
factor is applied to the surrender charge rate according to the nonstandard
table rating assigned to that Insured. For Insureds assigned a nonstandard
rating reflected in the table setting forth the nonstandard table factors at
the bottom of Appendix A, the rates above are multiplied by the applicable
nonstandard table factor found in that table for that Insured if Death Benefit
Option A or C is selected. A factor of 1.00 is applied to the surrender charge
for an Insured assigned a risk classification other than standard if Death
Benefit Option B is selected.
The following Appendix is added to the Prospectus:
2
<PAGE>
APPENDIX D
MAXIMUM SURRENDER CHARGE RATES PER $1,000 OF ORIGINAL FACE AMOUNT
<TABLE>
<CAPTION>
Death Benefit Option A or C Death Benefit Option B
---------------------------------------------- -----------------------------------------------
Nonsmoker Smoker Nonsmoker Smoker
Issue ---------------------- ---------------------- ---------------------- ----------------------
Age Male Female Unisex Male Female Unisex Male Female Unisex Male Female Unisex
- ----- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5 1.222 0.772 1.146 1.222 0.772 1.146 3.770 2.926 3.608 3.770 2.926 3.608
10 1.258 0.784 1.182 1.258 0.784 1.182 3.830 2.998 3.656 3.830 2.998 3.656
15 1.282 0.820 1.206 1.282 0.820 1.206 3.866 3.034 3.704 3.866 3.034 3.704
20 3.284 2.444 3.132 4.408 3.120 4.170 6.690 5.622 6.478 6.960 5.992 6.808
25 4.342 3.368 4.172 5.678 4.226 5.424 7.732 6.612 7.494 7.932 6.932 7.772
30 5.246 4.164 5.056 6.802 5.210 6.528 8.954 7.662 8.676 9.054 7.902 8.856
35 6.302 5.096 6.082 8.130 6.330 7.826 10.618 9.040 10.292 10.758 9.180 10.492
40 8.918 7.302 8.632 11.306 8.902 10.898 13.140 10.984 12.680 13.240 10.924 12.850
45 12.646 10.400 12.246 15.762 12.464 15.192 16.436 13.410 15.802 16.426 13.188 15.882
50 16.190 13.352 15.696 19.972 15.812 19.260 20.546 16.538 19.692 20.666 16.158 19.832
55 19.504 16.132 18.916 23.740 18.904 22.954 25.462 20.360 24.542 25.682 20.070 24.802
58 22.934 18.978 22.230 27.542 21.978 26.664 27.880 23.094 27.646 27.542 23.224 28.566
59 24.190 20.014 23.448 28.872 23.096 27.940 28.098 24.120 28.326 28.872 24.438 29.336
60 25.560 21.144 24.770 30.358 24.308 29.318 28.282 25.222 28.728 30.358 25.710 29.318
61 27.004 22.364 26.178 32.018 25.586 30.768 28.238 26.262 29.042 32.018 26.880 30.768
62 28.374 23.544 27.512 33.558 26.840 32.172 28.374 26.500 29.214 33.558 28.136 32.172
63 29.796 24.792 28.910 33.978 28.138 33.640 29.796 26.506 28.910 33.978 28.138 33.640
64 31.276 26.126 30.356 33.060 29.484 33.992 31.276 26.682 30.356 33.060 29.484 33.992
65 32.196 26.922 31.250 32.556 30.276 33.054 32.196 26.922 31.250 32.556 30.276 33.054
66 32.752 27.516 31.800 32.018 30.794 32.278 32.752 27.516 31.800 32.018 30.794 32.278
70 31.732 26.730 30.812 30.676 29.622 31.038 31.732 26.730 30.812 30.676 29.622 31.038
75 30.034 25.452 29.164 28.330 27.772 28.812 30.034 25.452 29.164 28.330 27.772 28.812
80 26.284 22.080 25.458 24.830 23.970 26.030 26.284 22.080 25.458 24.830 23.970 26.030
85 18.606 14.570 17.918 18.282 15.656 18.240 18.606 14.570 17.918 18.282 15.656 18.240
</TABLE>
If the Insured is assigned a risk classification other than standard, a factor
is applied to the maximum surrender charge rate according to the nonstandard
table rating assigned to that Insured. For Insureds assigned a nonstandard
rating reflected in the table setting forth the nonstandard table factors at
the bottom of Appendix A, the rates above are multiplied by the applicable
nonstandard table factor found in that table for that Insured if Death Benefit
Option A or C is selected. A factor of 1.00 is applied to the maximum
surrender charge for an Insured assigned a risk classification other than
standard who selects Death Benefit Option B.
Representative figures shown. For Issue Ages not listed, please ask your
registered representative.
3
<PAGE>
The following pages replace the illustrations in the Prospectus:
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
Illustration of Death Benefits, Accumulated Values and Net Cash Surrender
Values Based on Current Cost of Insurance Rates
ISSUE AGE: 45 FACE AMOUNT: $439,120
CLASS: MALE NONSMOKER DEATH BENEFIT OPTION: A
GUIDELINE PREMIUM TEST ANNUAL PREMIUM: $10,000
<TABLE>
<CAPTION>
Total End of Year DEATH BENEFIT
Premiums Assuming Hypothetical Gross Annual
End of Paid Plus Investment Return of
Policy Interest at --------------------------------------------
Year 5% 0% 6% 12%
------ ----------- -------- -------- ----------
<S> <C> <C> <C> <C>
1 $ 10,500 $439,120 $439,120 $ 439,120
2 $ 21,525 $439,120 $439,120 $ 439,120
3 $ 33,101 $439,120 $439,120 $ 439,120
4 $ 45,256 $439,120 $439,120 $ 439,120
5 $ 58,019 $439,120 $439,120 $ 439,120
6 $ 71,420 $439,120 $439,120 $ 439,120
7 $ 85,491 $439,120 $439,120 $ 439,120
8 $100,266 $439,120 $439,120 $ 439,120
9 $115,779 $439,120 $439,120 $ 439,120
10 $132,068 $439,120 $439,120 $ 439,120
15 $226,575 $439,120 $439,120 $ 439,120
20 $347,193 $439,120 $439,120 $ 646,489
25 $501,135 $439,120 $439,120 $1,104,065
30 $697,608 $439,120 $572,027 $1,775,987
35 $948,363 $439,120 $772,653 $2,997,053
</TABLE>
<TABLE>
<CAPTION>
End of Year ACCUMULATED VALUE End of Year NET CASH SURRENDER VALUE
Assuming Hypothetical Gross Annual Assuming Hypothetical Gross Annual
End of Investment Return of Investment Return of
Policy ---------------------------------- ------------------------------------
Year 0% 6% 12% 0% 6% 12%
------ -------- --------- ----------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
1 $ 7,033 $ 7,517 $ 8,002 $ 1,479 $ 1,963 $ 2,449
2 $ 13,895 $ 15,300 $ 16,766 $ 8,342 $ 9,747 $ 11,213
3 $ 20,594 $ 23,371 $ 26,387 $ 15,041 $ 17,818 $ 20,834
4 $ 27,167 $ 31,792 $ 37,016 $ 21,614 $ 26,239 $ 31,463
5 $ 33,640 $ 40,602 $ 48,783 $ 28,087 $ 35,049 $ 43,230
6 $ 40,023 $ 49,831 $ 61,826 $ 34,951 $ 44,758 $ 56,754
7 $ 46,321 $ 59,505 $ 76,296 $ 42,517 $ 55,701 $ 72,491
8 $ 52,529 $ 69,646 $ 92,349 $ 49,993 $ 67,110 $ 89,813
9 $ 58,644 $ 80,274 $ 110,165 $ 57,376 $ 79,006 $ 108,897
10 $ 64,653 $ 91,404 $ 129,933 $ 64,653 $ 91,404 $ 129,933
15 $100,991 $165,049 $ 278,286 $100,991 $165,049 $ 278,286
20 $132,201 $257,720 $ 529,909 $132,201 $257,720 $ 529,909
25 $157,736 $377,955 $ 951,781 $157,736 $377,955 $ 951,781
30 $175,408 $534,605 $1,659,800 $175,408 $534,605 $1,659,800
35 $182,767 $735,860 $2,854,336 $182,767 $735,860 $2,854,336
</TABLE>
- --------
All premium payments are illustrated as if made at the beginning of the policy
year.
This illustration assumes no policy loans or partial withdrawals have been
made.
THE DEATH BENEFITS, ACCUMULATED VALUES AND CASH SURRENDER VALUES WILL DIFFER
IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
THE HYPOTHETICAL INVESTMENT RATES SHOWN ABOVE AND ELSEWHERE IN THIS PROSPECTUS
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL RATES OF RETURN MAY BE MORE OR LESS
THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE
INVESTMENT ALLOCATIONS MADE TO VARIABLE ACCOUNTS BY THE OWNER AND THE
EXPERIENCE OF THE ACCOUNTS. NO REPRESENTATION CAN BE MADE BY US, THE SEPARATE
ACCOUNT OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED
FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
THIS IS AN ILLUSTRATION ONLY. AN ILLUSTRATION IS NOT INTENDED TO PREDICT
ACTUAL PERFORMANCE. INTEREST RATES, DIVIDENDS, AND VALUES SET FORTH IN THE
ILLUSTRATION ARE NOT GUARANTEED.
4
<PAGE>
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
Illustration of Death Benefits, Accumulated Values and Net Cash Surrender
Values Based on Guaranteed Cost of Insurance Rates
ISSUE AGE: 45 FACE AMOUNT: $439,120
CLASS: MALE NONSMOKER DEATH BENEFIT OPTION: A
GUIDELINE PREMIUM TEST ANNUAL PREMIUM: $10,000
<TABLE>
<CAPTION>
Total End of Year DEATH BENEFIT
Premiums Assuming Hypothetical Gross Annual
End of Paid Plus Investment Return of
Policy Interest at ---------------------------------------------
Year 5% 0% 6% 12%
------ ----------- -------- -------- ----------
<S> <C> <C> <C> <C>
1 $ 10,500 $439,120 $439,120 $ 439,120
2 $ 21,525 $439,120 $439,120 $ 439,120
3 $ 33,101 $439,120 $439,120 $ 439,120
4 $ 45,256 $439,120 $439,120 $ 439,120
5 $ 58,019 $439,120 $439,120 $ 439,120
6 $ 71,420 $439,120 $439,120 $ 439,120
7 $ 85,491 $439,120 $439,120 $ 439,120
8 $100,266 $439,120 $439,120 $ 439,120
9 $115,779 $439,120 $439,120 $ 439,120
10 $132,068 $439,120 $439,120 $ 439,120
15 $226,575 $439,120 $439,120 $ 439,120
20 $347,193 $439,120 $439,120 $ 548,975
25 $501,135 $439,120 $439,120 $ 931,605
30 $697,608 $439,120 $439,120 $1,483,788
35 $948,363 $ 0* $520,061 $2,482,115
</TABLE>
<TABLE>
<CAPTION>
End of Year ACCUMULATED VALUE End of Year NET CASH SURRENDER VALUE
Assuming Hypothetical Gross Annual Assuming Hypothetical Gross Annual
End of Investment Return of Investment Return of
Policy ------------------------------------- -------------------------------------
Year 0% 6% 12% 0% 6% 12%
------ ----------- ----------- ------------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
1 $ 7,033 $ 7,517 $ 8,002 $ 1,479 $ 1,963 $ 2,449
2 $13,895 $ 15,300 $ 16,766 $ 8,342 $ 9,747 $ 11,213
3 $20,594 $ 23,371 $ 26,387 $15,041 $ 17,818 $ 20,834
4 $27,167 $ 31,792 $ 37,016 $21,614 $ 26,239 $ 31,463
5 $33,640 $ 40,602 $ 48,783 $28,087 $ 35,049 $ 43,230
6 $38,007 $ 47,793 $ 59,779 $32,935 $ 42,721 $ 54,707
7 $42,134 $ 55,170 $ 71,844 $38,330 $ 51,366 $ 68,040
8 $45,999 $ 62,726 $ 85,094 $43,462 $ 60,190 $ 82,558
9 $49,571 $ 70,448 $ 99,656 $48,303 $ 69,180 $ 98,388
10 $52,819 $ 78,319 $ 115,677 $52,819 $ 78,319 $ 115,677
15 $72,595 $130,608 $ 237,677 $72,595 $130,608 $ 237,677
20 $80,332 $191,120 $ 449,980 $80,332 $191,120 $ 449,980
25 $67,413 $262,674 $ 803,108 $67,413 $262,674 $ 803,108
30 $15,310 $355,958 $1,386,718 $15,310 $355,958 $1,386,718
35 $ 0* $495,296 $2,363,919 $ 0* $495,296 $2,363,919
</TABLE>
- --------
All premium payments are illustrated as if made at the beginning of the policy
year.
This illustration assumes no policy loans or partial withdrawals have been
made.
*Additional payment will be required to prevent policy termination.
THE DEATH BENEFITS, ACCUMULATED VALUES AND CASH SURRENDER VALUES WILL DIFFER
IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
THE HYPOTHETICAL INVESTMENT RATES SHOWN ABOVE AND ELSEWHERE IN THIS PROSPECTUS
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL RATES OF RETURN MAY BE MORE OR LESS
THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE
INVESTMENT ALLOCATIONS MADE TO VARIABLE ACCOUNTS BY THE OWNER AND THE
EXPERIENCE OF THE ACCOUNTS. NO REPRESENTATION CAN BE MADE BY US, THE SEPARATE
ACCOUNT OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED
FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
THIS IS AN ILLUSTRATION ONLY. AN ILLUSTRATION IS NOT INTENDED TO PREDICT
ACTUAL PERFORMANCE. INTEREST RATES, DIVIDENDS, AND VALUES SET FORTH IN THE
ILLUSTRATION ARE NOT GUARANTEED.
5
<PAGE>
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
Illustration of Death Benefits, Accumulated Values and Net Cash Surrender
Values Based on Current Cost of Insurance Rates
ISSUE AGE: 45 FACE AMOUNT: $186,995
CLASS: MALE NONSMOKER DEATH BENEFIT OPTION: B
GUIDELINE PREMIUM TEST ANNUAL PREMIUM: $10,000
<TABLE>
<CAPTION>
Total End of Year DEATH BENEFIT
Premiums Assuming Hypothetical Gross Annual
End of Paid Plus Investment Return of
Policy Interest at --------------------------------------------
Year 5% 0% 6% 12%
------ ----------- -------- -------- ----------
<S> <C> <C> <C> <C>
1 $ 10,500 $194,991 $195,506 $ 196,021
2 $ 21,525 $202,850 $204,376 $ 205,965
3 $ 33,101 $210,574 $213,631 $ 216,943
4 $ 45,256 $218,203 $223,330 $ 229,104
5 $ 58,019 $225,743 $233,500 $ 242,586
6 $ 71,420 $233,200 $244,169 $ 257,539
7 $ 85,491 $240,575 $255,364 $ 274,128
8 $100,266 $247,865 $267,110 $ 292,529
9 $115,779 $255,069 $279,430 $ 312,941
10 $132,068 $262,181 $292,348 $ 335,579
15 $226,575 $300,792 $372,205 $ 497,876
20 $347,193 $335,360 $471,883 $ 769,046
25 $501,135 $365,111 $595,989 $1,223,247
30 $697,608 $388,142 $749,048 $1,984,303
35 $948,363 $402,462 $936,735 $3,261,683
</TABLE>
<TABLE>
<CAPTION>
End of Year ACCUMULATED VALUE End of Year NET CASH SURRENDER VALUE
Assuming Hypothetical Gross Annual Assuming Hypothetical Gross Annual
End of Investment Return of Investment Return of
Policy ---------------------------------- -------------------------------------
Year 0% 6% 12% 0% 6% 12%
------ ---------- ---------- ------------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
1 $ 7,996 $ 8,511 $ 9,026 $ 4,922 $ 5,437 $ 5,953
2 $ 15,855 $ 17,381 $ 18,970 $ 12,781 $ 14,307 $ 15,896
3 $ 23,579 $ 26,636 $ 29,948 $ 20,506 $ 23,563 $ 26,874
4 $ 31,208 $ 36,335 $ 42,109 $ 28,134 $ 23,261 $ 39,036
5 $ 38,748 $ 46,505 $ 55,591 $ 35,675 $ 43,432 $ 52,518
6 $ 46,205 $ 57,174 $ 70,544 $ 43,318 $ 54,288 $ 67,658
7 $ 53,580 $ 68,369 $ 87,133 $ 51,415 $ 66,204 $ 84,968
8 $ 60,870 $ 80,115 $ 105,534 $ 59,427 $ 78,671 $ 104,091
9 $ 68,074 $ 92,435 $ 125,946 $ 67,353 $ 91,713 $ 125,225
10 $ 75,186 $105,353 $ 148,584 $ 75,186 $105,353 $ 148,584
15 $113,797 $185,210 $ 310,881 $113,797 $185,210 $ 310,881
20 $148,365 $284,888 $ 582,051 $148,365 $284,888 $ 582,051
25 $178,116 $408,994 $1,036,252 $178,116 $408,994 $1,036,252
30 $201,147 $562,053 $1,797,308 $201,147 $562,053 $1,797,308
35 $215,467 $749,740 $3,074,687 $215,467 $749,740 $3,074,688
</TABLE>
- --------
All premium payments are illustrated as if made at the beginning of the policy
year.
This illustration assumes no policy loans or partial withdrawals have been
made.
THE DEATH BENEFITS, ACCUMULATED VALUES AND CASH SURRENDER VALUES WILL DIFFER
IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
THE HYPOTHETICAL INVESTMENT RATES SHOWN ABOVE AND ELSEWHERE IN THIS PROSPECTUS
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL RATES OF RETURN MAY BE MORE OR LESS
THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE
INVESTMENT ALLOCATIONS MADE TO VARIABLE ACCOUNTS BY THE OWNER AND THE
EXPERIENCE OF THE ACCOUNTS. NO REPRESENTATION CAN BE MADE BY US, THE SEPARATE
ACCOUNT OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED
FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
THIS IS AN ILLUSTRATION ONLY. AN ILLUSTRATION IS NOT INTENDED TO PREDICT
ACTUAL PERFORMANCE. INTEREST RATES, DIVIDENDS, AND VALUES SET FORTH IN THE
ILLUSTRATION ARE NOT GUARANTEED.
6
<PAGE>
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
Illustration of Death Benefits, Accumulated Values and Net Cash Surrender
Values Based on Guaranteed Cost of Insurance Rates
ISSUE AGE: 45 FACE AMOUNT: $186,995
CLASS: MALE NONSMOKER DEATH BENEFIT OPTION: B
GUIDELINE PREMIUM TEST ANNUAL PREMIUM: $10,000
<TABLE>
<CAPTION>
Total End of Year DEATH BENEFIT
Premiums Assuming Hypothetical Gross Annual
End of Paid Plus Investment Return of
Policy Interest at --------------------------------------------
Year 5% 0% 6% 12%
------ ----------- -------- -------- ----------
<S> <C> <C> <C> <C>
1 $ 10,500 $194,991 $195,506 $ 196,021
2 $ 21,525 $202,850 $204,376 $ 205,965
3 $ 33,101 $210,574 $213,631 $ 216,943
4 $ 45,256 $218,203 $223,330 $ 229,104
5 $ 58,019 $225,743 $233,500 $ 242,586
6 $ 71,420 $232,254 $243,193 $ 256,534
7 $ 85,491 $238,602 $253,271 $ 271,910
8 $100,266 $244,775 $263,738 $ 288,860
9 $115,779 $250,756 $274,598 $ 307,539
10 $132,068 $256,530 $285,851 $ 328,119
15 $226,575 $286,942 $354,142 $ 474,071
20 $347,193 $309,782 $434,574 $ 712,614
25 $501,135 $321,223 $525,852 $1,102,385
30 $697,608 $315,465 $623,985 $1,740,160
35 $948,363 $281,700 $717,711 $2,782,967
</TABLE>
<TABLE>
<CAPTION>
End of Year ACCUMULATED VALUE End of Year NET CASH SURRENDER VALUE
Assuming Hypothetical Gross Annual Assuming Hypothetical Gross Annual
End of Investment Return of Investment Return of
Policy ---------------------------------- -------------------------------------
Year 0% 6% 12% 0% 6% 12%
------ ---------- ---------- ------------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
1 $ 7,996 $ 8,511 $ 9,026 $ 4,922 $ 5,437 $ 5,953
2 $ 15,855 $ 17,381 $ 18,970 $ 12,781 $ 14,307 $ 15,896
3 $ 23,579 $ 26,636 $ 29,948 $ 20,506 $ 23,563 $ 26,874
4 $ 31,208 $ 36,335 $ 42,109 $ 28,134 $ 33,261 $ 39,036
5 $ 38,748 $ 46,505 $ 55,591 $ 35,675 $ 43,432 $ 52,518
6 $ 45,259 $ 56,198 $ 69,539 $ 42,373 $ 53,312 $ 66,653
7 $ 51,607 $ 66,276 $ 84,915 $ 49,442 $ 64,111 $ 82,751
8 $ 57,780 $ 76,743 $ 101,865 $ 56,336 $ 75,300 $ 100,422
9 $ 63,761 $ 87,603 $ 120,544 $ 63,040 $ 86,881 $ 119,822
10 $ 69,535 $ 98,856 $ 141,124 $ 69,535 $ 98,856 $ 141,124
15 $ 99,947 $167,147 $ 287,076 $ 99,947 $167,147 $ 287,076
20 $122,787 $247,579 $ 525,619 $122,787 $247,579 $ 525,619
25 $134,228 $338,857 $ 915,390 $134,228 $338,857 $ 915,390
30 $128,470 $436,990 $1,553,165 $128,470 $436,990 $1,553,165
35 $ 94,705 $530,716 $2,595,972 $ 94,706 $530,716 $2,595,972
</TABLE>
- --------
All premium payments are illustrated as if made at the beginning of the policy
year.
This illustration assumes no policy loans or partial withdrawals have been
made.
THE DEATH BENEFITS, ACCUMULATED VALUES AND CASH SURRENDER VALUES WILL DIFFER
IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
THE HYPOTHETICAL INVESTMENT RATES SHOWN ABOVE AND ELSEWHERE IN THIS PROSPECTUS
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL RATES OF RETURN MAY BE MORE OR LESS
THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE
INVESTMENT ALLOCATIONS MADE TO VARIABLE ACCOUNTS BY THE OWNER AND THE
EXPERIENCE OF THE ACCOUNTS. NO REPRESENTATION CAN BE MADE BY US, THE SEPARATE
ACCOUNT OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED
FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
THIS IS AN ILLUSTRATION ONLY. AN ILLUSTRATION IS NOT INTENDED TO PREDICT
ACTUAL PERFORMANCE. INTEREST RATES, DIVIDENDS, AND VALUES SET FORTH IN THE
ILLUSTRATION ARE NOT GUARANTEED.
7
<PAGE>
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
Illustration of Death Benefits, Accumulated Values and Net Cash Surrender
Values Based on Guaranteed Cost of Insurance Rates
ISSUE AGE: 45 FACE AMOUNT: $439,120
CLASS: MALE NONSMOKER DEATH BENEFIT OPTION: C
GUIDELINE PREMIUM TEST ANNUAL PREMIUM: $10,000
<TABLE>
<CAPTION>
Total End of Year DEATH BENEFIT
Premiums Assuming Hypothetical Gross Annual
End of Paid Plus Investment Return of
Policy Interest at ----------------------------------------------
Year 5% 0% 6% 12%
------ ----------- -------- -------- ----------
<S> <C> <C> <C> <C>
1 $ 10,500 $449,120 $449,120 $ 449,120
2 $ 21,525 $459,120 $459,120 $ 459,120
3 $ 33,101 $469,120 $469,120 $ 469,120
4 $ 45,256 $479,120 $479,120 $ 479,120
5 $ 58,019 $489,120 $489,120 $ 489,120
6 $ 71,420 $499,120 $499,120 $ 499,120
7 $ 85,491 $509,120 $509,120 $ 509,120
8 $100,266 $519,120 $519,120 $ 519,120
9 $115,779 $529,120 $529,120 $ 529,120
10 $132,068 $539,120 $539,120 $ 539,120
15 $226,575 $589,120 $589,120 $ 589,120
20 $347,193 $639,120 $639,120 $ 639,120
25 $501,135 $ 0* $689,120 $ 808,285
30 $697,608 $ 0* $739,120 $1,296,248
35 $948,363 $ 0* $ 0* $2,176,732
</TABLE>
<TABLE>
<CAPTION>
End of Year ACCUMULATED VALUE End of Year NET CASH SURRENDER VALUE
Assuming Hypothetical Gross Annual Assuming Hypothetical Gross Annual
End of Investment Return of Investment Return of
Policy -------------------------------------- --------------------------------------
Year 0% 6% 12% 0% 6% 12%
------ ----------- ----------- ------------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
1 $ 7,025 $ 7,508 $ 7,993 $ 1,472 $ 1,955 $ 2,440
2 $13,867 $ 15,271 $ 16,735 $ 8,314 $ 9,718 $ 11,182
3 $20,531 $ 23,303 $ 26,314 $14,978 $ 17,750 $ 20,761
4 $27,049 $ 31,664 $ 36,877 $21,496 $ 26,111 $ 31,324
5 $33,448 $ 40,389 $ 48,548 $27,894 $ 34,836 $ 42,995
6 $37,412 $ 47,152 $ 59,089 $32,340 $ 42,080 $ 54,016
7 $41,029 $ 53,964 $ 70,528 $37,224 $ 50,160 $ 66,724
8 $44,257 $ 60,791 $ 82,943 $41,720 $ 58,255 $ 80,406
9 $47,044 $ 67,585 $ 96,410 $45,776 $ 66,317 $ 95,142
10 $49,330 $ 74,292 $ 111,017 $49,330 $ 74,292 $ 111,017
15 $60,640 $115,515 $ 218,342 $60,640 $115,515 $ 218,342
20 $49,426 $148,833 $ 392,730 $49,426 $148,833 $ 392,730
25 $ 0* $155,645 $ 696,797 $ 0* $155,645 $ 696,797
30 $ 0* $ 91,665 $1,211,447 $ 0* $ 91,665 $1,211,447
35 $ 0* $ 0* $2,073,078 $ 0* $ 0* $2,073,078
</TABLE>
- --------
All premium payments are illustrated as if made at the beginning of the policy
year.
This illustration assumes no policy loans or partial withdrawals have been
made.
*Additional payment will be required to prevent termination.
THE DEATH BENEFITS, ACCUMULATED VALUES AND CASH SURRENDER VALUES WILL DIFFER
IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
THE HYPOTHETICAL INVESTMENT RATES SHOWN ABOVE AND ELSEWHERE IN THIS PROSPECTUS
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL RATES OF RETURN MAY BE MORE OR LESS
THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE
INVESTMENT ALLOCATIONS MADE TO VARIABLE ACCOUNTS BY THE OWNER AND THE
EXPERIENCE OF THE ACCOUNTS. NO REPRESENTATION CAN BE MADE BY US, THE SEPARATE
ACCOUNT OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED
FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
THIS IS AN ILLUSTRATION ONLY. AN ILLUSTRATION IS NOT INTENDED TO PREDICT
ACTUAL PERFORMANCE. INTEREST RATES, DIVIDENDS, AND VALUES SET FORTH IN THE
ILLUSTRATION ARE NOT GUARANTEED.
8
<PAGE>
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
Illustration of Death Benefits, Accumulated Values and Net Cash Surrender
Values Based on Current Cost of Insurance Rates
ISSUE AGE: 45 FACE AMOUNT: $439,120
CLASS: MALE NONSMOKER DEATH BENEFIT OPTION: A
CASH VALUE ACCUMULATION TEST ANNUAL PREMIUM: $10,000
<TABLE>
<CAPTION>
Total End of Year DEATH BENEFIT
Premiums Assuming Hypothetical Gross Annual
End of Paid Plus Investment Return of
Policy Interest at --------------------------------------------
Year 5% 0% 6% 12%
------ ----------- -------- -------- ----------
<S> <C> <C> <C> <C>
1 $ 10,500 $439,120 $439,120 $ 439,120
2 $ 21,525 $439,120 $439,120 $ 439,120
3 $ 33,101 $439,120 $439,120 $ 439,120
4 $ 45,256 $439,120 $439,120 $ 439,120
5 $ 58,019 $439,120 $439,120 $ 439,120
6 $ 71,420 $439,120 $439,120 $ 439,120
7 $ 85,491 $439,120 $439,120 $ 439,120
8 $100,266 $439,120 $439,120 $ 439,120
9 $115,779 $439,120 $439,120 $ 439,120
10 $132,068 $439,120 $439,120 $ 439,120
15 $226,575 $439,120 $439,120 $ 534,415
20 $347,193 $439,120 $439,120 $ 885,585
25 $501,135 $439,120 $568,414 $1,397,540
30 $697,608 $439,120 $712,425 $2,159,004
35 $948,363 $439,120 $880,967 $3,329,577
</TABLE>
<TABLE>
<CAPTION>
End of Year ACCUMULATED VALUE End of Year NET CASH SURRENDER VALUE
Assuming Hypothetical Gross Annual Assuming Hypothetical Gross Annual
End of Investment Return of Investment Return of
Policy ---------------------------------- -------------------------------------
Year 0% 6% 12% 0% 6% 12%
------ ---------- ---------- ------------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
1 $ 7,033 $ 7,517 $ 8,002 $ 1,479 $ 1,963 $ 2,449
2 $ 13,895 $ 15,300 $ 16,766 $ 8,342 $ 9,747 $ 11,213
3 $ 20,594 $ 23,371 $ 26,387 $ 15,041 $ 17,818 $ 20,834
4 $ 27,167 $ 31,792 $ 37,016 $ 21,614 $ 26,239 $ 31,463
5 $ 33,640 $ 40,602 $ 48,783 $ 28,087 $ 35,049 $ 43,230
6 $ 40,023 $ 49,831 $ 61,826 $ 34,951 $ 44,758 $ 56,754
7 $ 46,321 $ 59,505 $ 76,296 $ 42,517 $ 55,701 $ 72,491
8 $ 52,529 $ 69,646 $ 92,349 $ 49,993 $ 67,110 $ 89,813
9 $ 58,644 $ 80,274 $ 110,165 $ 57,376 $ 79,006 $ 108,897
10 $ 64,653 $ 91,404 $ 129,933 $ 64,653 $ 91,404 $ 129,933
15 $100,991 $165,049 $ 277,907 $100,991 $165,049 $ 277,907
20 $132,201 $257,720 $ 521,688 $132,201 $257,720 $ 521,688
25 $157,736 $374,190 $ 920,007 $157,736 $374,190 $ 920,007
30 $175,408 $516,958 $1,566,641 $175,408 $516,958 $1,566,641
35 $182,767 $691,700 $2,614,249 $182,767 $691,700 $2,614,249
</TABLE>
- --------
All premium payments are illustrated as if made at the beginning of the policy
year.
This illustration assumes no policy loans or partial withdrawals have been
made.
THE DEATH BENEFITS, ACCUMULATED VALUES AND CASH SURRENDER VALUES WILL DIFFER
IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
THE HYPOTHETICAL INVESTMENT RATES SHOWN ABOVE AND ELSEWHERE IN THIS PROSPECTUS
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL RATES OF RETURN MAY BE MORE OR LESS
THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE
INVESTMENT ALLOCATIONS MADE TO VARIABLE ACCOUNTS BY THE OWNER AND THE
EXPERIENCE OF THE ACCOUNTS. NO REPRESENTATION CAN BE MADE BY US, THE SEPARATE
ACCOUNT OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED
FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
THIS IS AN ILLUSTRATION ONLY. AN ILLUSTRATION IS NOT INTENDED TO PREDICT
ACTUAL PERFORMANCE. INTEREST RATES, DIVIDENDS, AND VALUES SET FORTH IN THE
ILLUSTRATION ARE NOT GUARANTEED.
9
<PAGE>
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
Illustration of Death Benefits, Accumulated Values and Net Cash Surrender
Values Based on Guaranteed Cost of Insurance Rates
ISSUE AGE: 45 FACE AMOUNT: $439,120
CLASS: MALE NONSMOKER DEATH BENEFIT OPTION: A
CASH VALUE ACCUMULATION TEST ANNUAL PREMIUM: $10,000
<TABLE>
<CAPTION>
Total End of Year DEATH BENEFIT
Premiums Assuming Hypothetical Gross Annual
End of Paid Plus Investment Return of
Policy Interest at ---------------------------------------------
Year 5% 0% 6% 12%
------ ----------- -------- -------- ----------
<S> <C> <C> <C> <C>
1 $ 10,500 $439,120 $439,120 $ 439,120
2 $ 21,525 $439,120 $439,120 $ 439,120
3 $ 33,101 $439,120 $439,120 $ 439,120
4 $ 45,256 $439,120 $439,120 $ 439,120
5 $ 58,019 $439,120 $439,120 $ 439,120
6 $ 71,420 $439,120 $439,120 $ 439,120
7 $ 85,491 $439,120 $439,120 $ 439,120
8 $100,266 $439,120 $439,120 $ 439,120
9 $115,779 $439,120 $439,120 $ 439,120
10 $132,068 $439,120 $439,120 $ 439,120
15 $226,575 $439,120 $439,120 $ 456,959
20 $347,193 $439,120 $439,120 $ 735,399
25 $501,135 $439,120 $439,120 $1,108,707
30 $697,608 $439,120 $484,978 $1,614,365
35 $948,363 $ 0* $572,037 $2,306,149
</TABLE>
<TABLE>
<CAPTION>
End of Year ACCUMULATED VALUE End of Year NET CASH SURRENDER VALUE
Assuming Hypothetical Gross Annual Assuming Hypothetical Gross Annual
End of Investment Return of Investment Return of
Policy ------------------------------------- -------------------------------------
Year 0% 6% 12% 0% 6% 12%
------ ----------- ----------- ------------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
1 $ 7,033 $ 7,517 $ 8,002 $ 1,479 $ 1,963 $ 2,449
2 $13,895 $ 15,300 $ 16,766 $ 8,342 $ 9,747 $ 11,213
3 $20,594 $ 23,371 $ 26,387 $15,041 $ 17,818 $ 20,834
4 $27,167 $ 31,792 $ 37,016 $21,614 $ 26,239 $ 31,463
5 $33,640 $ 40,602 $ 48,783 $28,087 $ 35,049 $ 43,230
6 $38,007 $ 47,793 $ 59,779 $32,935 $ 42,721 $ 54,707
7 $42,134 $ 55,170 $ 71,844 $38,330 $ 51,366 $ 68,040
8 $45,999 $ 62,726 $ 85,094 $43,462 $ 60,190 $ 82,558
9 $49,571 $ 70,448 $ 99,656 $48,303 $ 69,180 $ 98,388
10 $52,819 $ 78,319 $ 115,677 $52,819 $ 78,319 $ 115,677
15 $72,595 $130,608 $ 237,629 $72,595 $130,608 $ 237,629
20 $80,332 $191,120 $ 433,216 $80,332 $191,120 $ 433,216
25 $67,413 $262,674 $ 729,867 $67,413 $262,674 $ 729,867
30 $15,310 $351,915 $1,171,434 $15,310 $351,915 $1,171,434
35 $ 0* $449,141 $1,810,695 $ 0* $449,141 $1,810,695
</TABLE>
- --------
All premium payments are illustrated as if made at the beginning of the policy
year.
This illustration assumes no policy loans or partial withdrawals have been
made.
* Additional payment will be required to prevent policy termination.
THE DEATH BENEFITS, ACCUMULATED VALUES AND CASH SURRENDER VALUES WILL DIFFER
IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
THE HYPOTHETICAL INVESTMENT RATES SHOWN ABOVE AND ELSEWHERE IN THIS PROSPECTUS
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL RATES OF RETURN MAY BE MORE OR LESS
THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE
INVESTMENT ALLOCATIONS MADE TO VARIABLE ACCOUNTS BY THE OWNER AND THE
EXPERIENCE OF THE ACCOUNTS. NO REPRESENTATION CAN BE MADE BY US, THE SEPARATE
ACCOUNT OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED
FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
THIS IS AN ILLUSTRATION ONLY. AN ILLUSTRATION IS NOT INTENDED TO PREDICT
ACTUAL PERFORMANCE. INTEREST RATES, DIVIDENDS, AND VALUES SET FORTH IN THE
ILLUSTRATION ARE NOT GUARANTEED.
10
<PAGE>
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
Illustration of Death Benefits, Accumulated Values and Net Cash Surrender
Values Based on Current Cost of Insurance Rates
ISSUE AGE: 45 FACE AMOUNT: $186,995
CLASS: MALE NONSMOKER DEATH BENEFIT OPTION: B
CASH VALUE ACCUMULATION TEST ANNUAL PREMIUM: $10,000
<TABLE>
<CAPTION>
Total End of Year DEATH BENEFIT
Premiums Assuming Hypothetical Gross Annual
End of Paid Plus Investment Return of
Policy Interest at --------------------------------------------
Year 5% 0% 6% 12%
------ ----------- -------- -------- ----------
<S> <C> <C> <C> <C>
1 $ 10,500 $194,991 $195,506 $ 196,021
2 $ 21,525 $202,850 $204,376 $ 205,965
3 $ 33,101 $210,574 $213,631 $ 216,943
4 $ 45,256 $218,203 $223,330 $ 229,104
5 $ 58,019 $225,743 $233,500 $ 242,586
6 $ 71,420 $233,200 $244,169 $ 257,539
7 $ 85,491 $240,575 $255,364 $ 274,128
8 $100,266 $247,865 $267,110 $ 292,529
9 $115,779 $255,069 $279,430 $ 312,941
10 $132,068 $262,181 $292,348 $ 335,579
15 $226,575 $300,792 $372,205 $ 595,965
20 $347,193 $335,360 $483,483 $ 975,329
25 $501,135 $365,111 $619,788 $1,529,551
30 $697,608 $388,142 $770,295 $2,354,839
35 $948,363 $402,462 $947,126 $3,624,415
</TABLE>
<TABLE>
<CAPTION>
End of Year ACCUMULATED
VALUE
Assuming Hypothetical Gross End of Year NET CASH SURRENDER VALUE
Annual Assuming Hypothetical Gross Annual
End of Investment Return of Investment Return of
Policy -------------------------------- ------------------------------------
Year 0% 6% 12% 0% 6% 12%
------ --------- --------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
1 $ 7,996 $ 8,511 $ 9,026 $ 4,922 $ 5,437 $ 5,953
2 $ 15,855 $ 17,381 $ 18,970 $ 12,781 $ 14,307 $ 15,896
3 $ 23,579 $ 26,636 $ 29,948 $ 20,506 $ 23,563 $ 26,874
4 $ 31,208 $ 36,335 $ 42,109 $ 28,134 $ 33,261 $ 39,036
5 $ 38,748 $ 46,505 $ 55,591 $ 35,675 $ 43,432 $ 52,518
6 $ 46,205 $ 57,174 $ 70,544 $ 43,318 $ 54,288 $ 67,658
7 $ 53,580 $ 68,369 $ 87,133 $ 51,415 $ 66,204 $ 84,968
8 $ 60,870 $ 80,115 $ 105,534 $ 59,427 $ 78,671 $ 104,091
9 $ 68,074 $ 92,435 $ 125,946 $ 67,353 $ 91,713 $ 125,225
10 $ 75,186 $105,353 $ 148,584 $ 75,186 $105,353 $ 148,584
15 $113,797 $185,210 $ 309,914 $113,797 $185,210 $ 309,914
20 $148,365 $284,814 $ 574,556 $148,365 $284,814 $ 574,556
25 $178,116 $408,009 $1,006,910 $178,116 $408,009 $1,006,910
30 $201,147 $558,951 $1,708,745 $201,147 $558,951 $1,708,745
35 $215,467 $743,645 $2,845,744 $215,467 $743,645 $2,845,744
</TABLE>
- --------
All premium payments are illustrated as if made at the beginning of the policy
year.
This illustration assumes no policy loans or partial withdrawals have been
made.
THE DEATH BENEFITS, ACCUMULATED VALUES AND CASH SURRENDER VALUES WILL DIFFER
IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
THE HYPOTHETICAL INVESTMENT RATES SHOWN ABOVE AND ELSEWHERE IN THIS PROSPECTUS
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL RATES OF RETURN MAY BE MORE OR LESS
THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE
INVESTMENT ALLOCATIONS MADE TO VARIABLE ACCOUNTS BY THE OWNER AND THE
EXPERIENCE OF THE ACCOUNTS. NO REPRESENTATION CAN BE MADE BY US, THE SEPARATE
ACCOUNT OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED
FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
THIS IS AN ILLUSTRATION ONLY. AN ILLUSTRATION IS NOT INTENDED TO PREDICT
ACTUAL PERFORMANCE. INTEREST RATES, DIVIDENDS, AND VALUES SET FORTH IN THE
ILLUSTRATION ARE NOT GUARANTEED.
11
<PAGE>
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
Illustration of Death Benefits, Accumulated Values and Net Cash Surrender
Values Based on Guaranteed Cost of Insurance Rates
ISSUE AGE: 45 FACE AMOUNT: $186,995
CLASS: MALE NONSMOKER DEATH BENEFIT OPTION: B
CASH VALUE ACCUMULATION TEST ANNUAL PREMIUM: $10,000
<TABLE>
<CAPTION>
Total End of Year DEATH BENEFIT
Premiums Assuming Hypothetical Gross Annual
End of Paid Plus Investment Return of
Policy Interest at --------------------------------------------
Year 5% 0% 6% 12%
------ ----------- -------- -------- ----------
<S> <C> <C> <C> <C>
1 $ 10,500 $194,991 $195,506 $ 196,021
2 $ 21,525 $202,850 $204,376 $ 205,965
3 $ 33,101 $210,574 $213,631 $ 216,943
4 $ 45,256 $218,203 $223,330 $ 229,104
5 $ 58,019 $225,743 $233,500 $ 242,586
6 $ 71,420 $232,254 $243,193 $ 256,534
7 $ 85,491 $238,602 $253,271 $ 271,910
8 $100,266 $244,775 $263,738 $ 288,860
9 $115,779 $250,756 $274,598 $ 307,539
10 $132,068 $256,530 $285,851 $ 328,119
15 $226,575 $286,942 $354,142 $ 547,560
20 $347,193 $309,782 $434,574 $ 860,821
25 $501,135 $321,223 $525,852 $1,282,245
30 $697,608 $315,465 $623,985 $1,854,228
35 $948,363 $281,701 $717,711 $2,637,680
</TABLE>
<TABLE>
<CAPTION>
End of Year ACCUMULATED VALUE End of Year NET CASH SURRENDER VALUE
Assuming Hypothetical Gross Annual Assuming Hypothetical Gross Annual
End of Investment Return of Investment Return of
Policy ---------------------------------- -------------------------------------
Year 0% 6% 12% 0% 6% 12%
------ ---------- ---------- ------------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
1 $ 7,996 $ 8,511 $ 9,026 $ 4,922 $ 5,437 $ 5,953
2 $ 15,855 $ 17,381 $ 18,970 $ 12,781 $ 14,307 $ 15,896
3 $ 23,579 $ 26,636 $ 29,948 $ 20,506 $ 23,563 $ 26,874
4 $ 31,208 $ 36,335 $ 42,109 $ 28,134 $ 33,261 $ 39,036
5 $ 38,748 $ 46,505 $ 55,591 $ 35,675 $ 43,432 $ 52,518
6 $ 45,259 $ 56,198 $ 69,539 $ 42,373 $ 53,312 $ 66,653
7 $ 51,607 $ 66,276 $ 84,915 $ 49,442 $ 64,111 $ 82,751
8 $ 57,780 $ 76,743 $ 101,865 $ 56,336 $ 75,300 $ 100,422
9 $ 63,761 $ 87,603 $ 120,544 $ 63,040 $ 86,881 $ 119,822
10 $ 69,535 $ 98,856 $ 141,124 $ 69,535 $ 98,856 $ 141,124
15 $ 99,947 $167,147 $ 284,743 $ 99,947 $167,147 $ 284,743
20 $122,787 $247,579 $ 507,100 $122,787 $247,579 $ 507,100
25 $134,228 $338,857 $ 844,108 $134,228 $338,857 $ 844,108
30 $128,470 $436,990 $1,345,486 $128,470 $436,990 $1,345,486
35 $ 94,706 $530,716 $2,070,999 $ 94,706 $530,716 $2,070,999
</TABLE>
- --------
All premium payments are illustrated as if made at the beginning of the policy
year.
This illustration assumes no policy loans or partial withdrawals have been
made.
THE DEATH BENEFITS, ACCUMULATED VALUES AND CASH SURRENDER VALUES WILL DIFFER
IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
THE HYPOTHETICAL INVESTMENT RATES SHOWN ABOVE AND ELSEWHERE IN THIS PROSPECTUS
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL RATES OF RETURN MAY BE MORE OR LESS
THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE
INVESTMENT ALLOCATIONS MADE TO VARIABLE ACCOUNTS BY THE OWNER AND THE
EXPERIENCE OF THE ACCOUNTS. NO REPRESENTATION CAN BE MADE BY US, THE SEPARATE
ACCOUNT OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED
FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
THIS IS AN ILLUSTRATION ONLY. AN ILLUSTRATION IS NOT INTENDED TO PREDICT
ACTUAL PERFORMANCE. INTEREST RATES, DIVIDENDS, AND VALUES SET FORTH IN THE
ILLUSTRATION ARE NOT GUARANTEED.
12
<PAGE>
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
Illustration of Death Benefits, Accumulated Values and Net Cash Surrender
Values Based on Current Cost of Insurance Rates
ISSUE AGE: 45 FACE AMOUNT: $439,120
CLASS: MALE NONSMOKER DEATH BENEFIT OPTION: C
CASH VALUE ACCUMULATION TEST ANNUAL PREMIUM: $10,000
<TABLE>
<CAPTION>
Total End of Year DEATH BENEFIT
Premiums Assuming Hypothetical Gross Annual
End of Paid Plus Investment Return of
Policy Interest at --------------------------------------------
Year 5% 0% 6% 12%
------ ----------- -------- -------- ----------
<S> <C> <C> <C> <C>
1 $ 10,500 $449,120 $449,120 $ 449,120
2 $ 21,525 $459,120 $459,120 $ 459,120
3 $ 33,101 $469,120 $469,120 $ 469,120
4 $ 45,256 $479,120 $479,120 $ 479,120
5 $ 58,019 $489,120 $489,120 $ 489,120
6 $ 71,420 $499,120 $499,120 $ 499,120
7 $ 85,491 $509,120 $509,120 $ 509,120
8 $100,266 $519,120 $519,120 $ 519,120
9 $115,779 $529,120 $529,120 $ 529,120
10 $132,068 $539,120 $539,120 $ 539,120
15 $226,575 $589,120 $589,120 $ 589,120
20 $347,193 $639,120 $639,120 $ 871,240
25 $501,135 $689,120 $689,120 $1,376,440
30 $697,608 $739,120 $739,120 $2,127,702
35 $948,363 $789,120 $806,951 $3,282,451
</TABLE>
<TABLE>
<CAPTION>
End of Year ACCUMULATED VALUE End of Year NET CASH SURRENDER VALUE
Assuming Hypothetical Gross Annual Assuming Hypothetical Gross Annual
End of Investment Return of Investment Return of
Policy ---------------------------------- -------------------------------------
Year 0% 6% 12% 0% 6% 12%
------ ---------- ---------- ------------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
1 $ 7,025 $ 7,508 $ 7,993 $ 1,472 $ 1,955 $ 2,440
2 $ 13,867 $ 15,271 $ 16,735 $ 8,314 $ 9,718 $ 11,182
3 $ 20,531 $ 23,303 $ 26,314 $ 14,978 $ 17,750 $ 20,761
4 $ 27,049 $ 31,664 $ 36,877 $ 21,496 $ 26,111 $ 31,324
5 $ 33,448 $ 40,389 $ 48,548 $ 27,894 $ 34,836 $ 42,995
6 $ 39,734 $ 49,506 $ 61,461 $ 34,662 $ 44,434 $ 56,389
7 $ 45,912 $ 59,038 $ 75,760 $ 42,108 $ 55,233 $ 71,955
8 $ 51,973 $ 68,999 $ 91,594 $ 49,437 $ 66,463 $ 89,058
9 $ 57,911 $ 79,406 $ 109,132 $ 56,643 $ 78,138 $ 107,864
10 $ 63,705 $ 90,264 $ 128,551 $ 63,705 $ 90,264 $ 128,551
15 $ 97,831 $161,026 $ 273,038 $ 97,831 $161,026 $ 273,038
20 $123,539 $246,059 $ 513,238 $123,539 $246,059 $ 513,238
25 $137,514 $349,070 $ 906,116 $137,514 $349,070 $ 906,116
30 $131,559 $474,552 $1,543,928 $131,559 $474,552 $1,543,928
35 $ 93,079 $633,585 $2,577,247 $ 93,079 $633,585 $2,577,247
</TABLE>
- --------
All premium payments are illustrated as if made at the beginning of the policy
year.
This illustration assumes no policy loans or partial withdrawals have been
made.
THE DEATH BENEFITS, ACCUMULATED VALUES AND CASH SURRENDER VALUES WILL DIFFER
IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
THE HYPOTHETICAL INVESTMENT RATES SHOWN ABOVE AND ELSEWHERE IN THIS PROSPECTUS
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL RATES OF RETURN MAY BE MORE OR LESS
THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE
INVESTMENT ALLOCATIONS MADE TO VARIABLE ACCOUNTS BY THE OWNER AND THE
EXPERIENCE OF THE ACCOUNTS. NO REPRESENTATION CAN BE MADE BY US, THE SEPARATE
ACCOUNT OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED
FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
THIS IS AN ILLUSTRATION ONLY. AN ILLUSTRATION IS NOT INTENDED TO PREDICT
ACTUAL PERFORMANCE. INTEREST RATES, DIVIDENDS, AND VALUES SET FORTH IN THE
ILLUSTRATION ARE NOT GUARANTEED.
13
<PAGE>
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
Illustration of Death Benefits, Accumulated Values and Net Cash Surrender
Values Based on Guaranteed Cost of Insurance Rates
ISSUE AGE: 45 FACE AMOUNT: $439,120
CLASS: MALE NONSMOKER DEATH BENEFIT OPTION: C
CASH VALUE ACCUMULATION TEST ANNUAL PREMIUM: $10,000
<TABLE>
<CAPTION>
Total End of Year DEATH BENEFIT Assuming
Premiums Hypothetical Gross Annual
End of Paid Plus Investment Return of
Policy Interest at ----------------------------------------------
Year 5% 0% 6% 12%
------ ----------- -------- -------- ----------
<S> <C> <C> <C> <C>
1 $ 10,500 $449,120 $449,120 $ 449,120
2 $ 21,525 $459,120 $459,120 $ 459,120
3 $ 33,101 $469,120 $469,120 $ 469,120
4 $ 45,256 $479,120 $479,120 $ 479,120
5 $ 58,019 $489,120 $489,120 $ 489,120
6 $ 71,420 $499,120 $499,120 $ 499,120
7 $ 85,491 $509,120 $509,120 $ 509,120
8 $100,266 $519,120 $519,120 $ 519,120
9 $115,779 $529,120 $529,120 $ 529,120
10 $132,068 $539,120 $539,120 $ 539,120
15 $226,575 $589,120 $589,120 $ 589,120
20 $347,193 $639,120 $639,120 $ 666,458
25 $501,135 $ 0* $689,120 $1,013,317
30 $697,608 $ 0* $739,120 $1,482,517
35 $948,363 $ 0* $ 0* $2,123,915
</TABLE>
<TABLE>
<CAPTION>
End of Year ACCUMULATED VALUE End of Year NET CASH SURRENDER VALUE
Assuming Hypothetical Gross Annual Assuming Hypothetical Gross Annual
End of Investment Return of Investment Return of
Policy -------------------------------------- --------------------------------------
Year 0% 6% 12% 0% 6% 12%
------ ----------- ----------- ------------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
1 $ 7,025 $ 7,508 $ 7,993 $ 1,472 $ 1,955 $ 2,440
2 $13,867 $ 15,271 $ 16,735 $ 8,314 $ 9,718 $ 11,182
3 $20,531 $ 23,303 $ 26,314 $14,978 $ 17,750 $ 20,761
4 $27,049 $ 31,664 $ 36,877 $21,496 $ 26,111 $ 31,324
5 $33,448 $ 40,389 $ 48,548 $27,894 $ 34,836 $ 42,995
6 $37,412 $ 47,152 $ 59,089 $32,340 $ 42,080 $ 54,016
7 $41,029 $ 53,964 $ 70,528 $37,224 $ 50,160 $ 66,724
8 $44,257 $ 60,791 $ 82,943 $41,720 $ 58,255 $ 80,406
9 $47,044 $ 67,585 $ 96,410 $45,776 $ 66,317 $ 95,142
10 $49,330 $ 74,292 $ 111,017 $49,330 $ 74,292 $ 111,017
15 $60,640 $115,515 $ 218,342 $60,640 $115,515 $ 218,342
20 $49,426 $148,833 $ 392,603 $49,426 $148,833 $ 392,603
25 $ 0* $155,645 $ 667,071 $ 0* $155,645 $ 667,071
30 $ 0* $ 91,665 $1,075,761 $ 0* $ 91,665 $1,075,761
35 $ 0* $ 0* $1,667,612 $ 0* $ 0* $1,667,612
</TABLE>
- --------
All premium payments are illustrated as if made at the beginning of the policy
year.
This illustration assumes no policy loans or partial withdrawals have been
made.
*Additional payment will be required to prevent policy termination.
THE DEATH BENEFITS, ACCUMULATED VALUES AND CASH SURRENDER VALUES WILL DIFFER
IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS OR FREQUENCIES.
THE HYPOTHETICAL INVESTMENT RATES SHOWN ABOVE AND ELSEWHERE IN THIS PROSPECTUS
ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RESULTS. ACTUAL RATES OF RETURN MAY BE MORE OR LESS
THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE
INVESTMENT ALLOCATIONS MADE TO VARIABLE ACCOUNTS BY THE OWNER AND THE
EXPERIENCE OF THE ACCOUNTS. NO REPRESENTATION CAN BE MADE BY US, THE SEPARATE
ACCOUNT OR THE FUND THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED
FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.
THIS IS AN ILLUSTRATION ONLY. AN ILLUSTRATION IS NOT INTENDED TO PREDICT
ACTUAL PERFORMANCE. INTEREST RATES, DIVIDENDS, AND VALUES SET FORTH IN THE
ILLUSTRATION ARE NOT GUARANTEED.
14
<PAGE>
Form No. 15-21491-00
<PAGE>
PACIFIC SELECT EXEC SEPARATE ACCOUNT
PART II. ADDITIONAL INFORMATION NOT REQUIRED IN PROSPECTUS
Contents of Registration Statement
This Registration Statement on Form S-6 comprises the following papers and
documents:
The facing sheet.
The cross-reference sheet.
The Prospectus consisting of 125 pages (including illustrations).
Supplement
The undertaking to file reports.
Representation pursuant to Section 26(e) of the Investment Company Act of 1940
The Signatures.
Written consent of the following person (included in the exhibits shown below):
Deloitte & Touche LLP, Independent Auditors
Dechest Price & Rhoads, Outside Counsel
The following exhibits:
1. (1) (a) Resolution of the Board of Directors of the Depositor dated
November 22, 1989 and copies of the Memoranda concerning Pacific
Select Exec Separate Account dated May 12, 1988 and January 26,
1993. /1/
(b) Resolution of the Board of Directors of Pacific Life Insurance
Company authorizing conformity to the terms of the current
Bylaws. /1/
(2) Inapplicable
(3) (a) Distribution Agreement Between Pacific Life Insurance Company and
Pacific Mutual Distributors, Inc. (formerly known as Pacific Equities
Network) /1/
(b) Form of Selling Agreement Between Pacific Mutual Distributors, Inc.
and Various Broker-Dealers /2/
(4) Inapplicable
(5) (a) Flexible Premium Variable Life Insurance Policy /1/
(b) Annual Renewable Term Rider (form R98-AR) /1/
(c) Accounting Benefit Rider (form R98-AB) /1/
(d) Accelerated Living Benefit Rider (form R92-ABR) /1/
(e) Spouse Term Rider (form R98-ART-VL) /1/
(f) Children's Term Rider (form R84-CT) /1/
(g) Waiver of Charges (form R98-WC) /2/
(h) Accidental Death Benefit (form R84-AD) /1/
(i) Guaranteed Insurability Rider (form R84-GI) /1/
(j) Disability Benefit Rider (form R84-DB) /1/
(k) Surrender Charge Endorsement (E9852S)
(6) (a) Bylaws of Pacific Life Insurance Company /1/
(b) Articles of Incorporation of Pacific Life Insurance Company /1/
<PAGE>
(7) Inapplicable
(8) Inapplicable
(9) Participation Agreement between Pacific Life Insurance
Company and Pacific Select Fund /1/
(10) Application for Flexible Premium Variable Life Insurance Policy &
General Questionnaire /1/
2. Form of Opinion and consent of legal officer of Pacific Life as to
legality of Policies being registered /1/
3. Inapplicable
4. Inapplicable
5. Inapplicable
6. (a) Consent of Deloitte & Touche LLP /2/
(b) Consent of Dechert Price & Rhoads /1/
7. Opinion of Actuary /2/
8. Memorandum Describing Issuance, Transfer and Redemption Procedures /1/
9. Power of Attorney /1/
10. Inapplicable
11. Inapplicable
12. Inapplicable
13. Inapplicable
14. Inapplicable
15. Inapplicable
16. Inapplicable
17. Inapplicable
/1/ Filed as part of Registration Statement on Form S-6 filed via EDGAR on
July 31, 1998, File No. 333-60461, Accession Number 0001017062-98-001653.
/2/ Filed as part of Pre-Effective Amendment No. 1 to Registration Statement on
Form S-6 filed via EDGAR on November 19, 1998, File No. 333-60461, Accession
Number 0001017062-98-002348.
<PAGE>
UNDERTAKING TO FILE REPORTS
Subject to the terms and conditions of Section 15(d) of the Securities
Exchange Act of 1934, the undersigned Registrant hereby undertakes to file with
the Securities and Exchange Commission such supplementary and periodic
information, documents and reports as maybe prescribed by any rule or
regulation of the Commission heretofore or hereafter duly adopted pursuant to
authority conferred in that section.
REPRESENTATION PURSUANT TO SECTION 26(e) OF THE INVESTMENT COMPANY ACT OF 1940
Pacific Life Insurance Company and Registrant represent that the fees and
charges to be deducted under the variable Life Insurance Policy ("Policy")
described in the prospectus contained in this registration statement are, in the
aggregate, reasonable in relation to the services rendered, the expenses to be
incurred, and the risks assumed in connection with the Policy.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant,
Pacific Select Exec Separate Account of Pacific Life Insurance Company,
certifies that it meets all of the requirements for effectiveness pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-
Effective Amendment No. 1 to the Registration Statement on Form S-6 to be signed
on its behalf by the undersigned thereunto duly authorized in the City of
Newport Beach, and State of California, on this 5th day of February, 1999.
PACIFIC SELECT EXEC SEPARATE ACCOUNT
(Registrant)
BY: PACIFIC LIFE INSURANCE COMPANY
(Depositor)
BY: _________________________________
Thomas C. Sutton*
Chief Executive Officer
*BY: /s/ DAVID R. CARMICHAEL
David R. Carmichael
as attorney-in-fact
(Power of Attorney is contained in the Registration Statement on Form S-6 for
the Pacific Select Exec Separate Account, File No. 333-60461, Accession Number
0001017062-98-001653, as Exhibit 9.)
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, Pacific Life
Insurance Company certifies that it meets all of the requirements for
effectiveness pursuant to Rule 485(b) under the Securities Act of 1933 and has
duly caused this Post-Effective Amendment No. 1 to the Registration Statement to
be signed on its behalf by the undersigned thereunto duly authorized all in the
City of Newport Beach, and State of California, on this 5th day of February,
1999.
BY: PACIFIC LIFE INSURANCE COMPANY
(Registrant)
BY: _________________________________
Thomas C. Sutton*
Chief Executive Officer
*BY: /s/ DAVID R. CARMICHAEL
David R. Carmichael
as attorney-in-fact
(Power of Attorney is contained in the Registration Statement on Form S-6 for
the Pacific Select Exec Separate Account, File No. 333-60461, Accession Number
0001017062-98-001653, as Exhibit 9.)
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment No. 1 to the Registration Statement has been signed below by the
following persons in the capacities and on the dates indicated:
<TABLE>
<CAPTION>
<C> <S> <C>
Signature Title Date
____________________ Director, Chairman of the Board __________ , 1999
Thomas C. Sutton* and Chief Executive Officer
____________________ Director and President __________ , 1999
Glenn S. Schafer*
____________________ Director, Senior Vice President and __________ , 1999
Khanh T. Tran* Chief Financial Officer
____________________ Director, Senior Vice President and __________ , 1999
David R. Carmichael* General Counsel
____________________ Director, Vice President and __________ , 1999
Audrey L. Milfs* Corporate Secretary
____________________ Director __________ , 1999
Richard M. Ferry*
____________________ Director __________ , 1999
Donald E. Guinn*
____________________ Director __________ , 1999
Ignacio E. Lozano, Jr.*
____________________ Director __________ , 1999
Charles D. Miller*
____________________ Director __________ , 1999
Donn B. Miller*
____________________ Director __________ , 1999
Richard M. Rosenberg*
____________________ Director __________ , 1999
James R. Ukropina*
____________________ Director __________ , 1999
Raymond L. Watson*
____________________ Vice President and Controller __________ , 1999
Edward R. Byrd*
*BY: /s/ DAVID R. CARMICHAEL February 5, 1999
David R. Carmichael
as attorney-in-fact
</TABLE>
(Powers of Attorney are contained as Exhibit 9 in the Registration Statement on
Form S-6 of Pacific Select Exec Separate Account, File No. 333-60461, Accession
Number 0001017062-98-001653.)
<PAGE>
EXHIBIT 1.5(k)
ENDORSEMENT
Policy Number: VP12345678
Insured: Leland Stanford
Maximum Surrender Charge: [$500]
This endorsement becomes part of the policy to which it is attached.
The Surrender Charges subsection of the Surrender and Withdrawal of Values
section of your policy is hereby replaced by the following:
Surrender Charges - A Surrender Charge will be deducted from the
Accumulated Value upon surrender of the policy. The Surrender Charge
is needed to help pay for costs such as underwriting, policy issue and
sales and distribution costs. The initial Surrender Charge is equal to
the amount shown on the policy specification pages. This will remain
level for the first policy year and then will decrease by 0.9259% per
month to zero at the 120th month. However, the Surrender Charge will
never be more than the Maximum Surrender Charge shown above.
If there are increases in the Face Amount, each increase will have a
corresponding Surrender Charge and Maximum Surrender Charge related to
the amount of the increase. These charges will be specified in a
supplemental schedule of benefits at the time of the increase. If
there are decreases in the Face Amount, including decreases in the
Face Amount due to withdrawals, the Surrender Charge and Maximum
Surrender Charge will be unchanged as a result of such decrease in
Face Amount.
Signed for Pacific Life Insurance Company,
/s/ Thomas C. Sutton /s/ Audrey L. Milfs
- ------------------------------------- --------------------
Chairman and Chief Executive Officer Secretary
