<PAGE>
Supplement to Prospectus Dated May 1, 2000 for
Pacific Select Exec, Pacific Select Choice, Pacific Select Exec II
Flexible Premium Variable Life Insurance Policies
and the Pacific Select Estate Maximizer Modified Single
Premium Variable Life Insurance Policy and
Prospectus Dated August 7, 2000 for
Pacific Select Estate Preserver and
Pacific Select Estate Preserver II Last Survivor
Flexible Premium Variable Life Insurance Policies (each a "policy")
Each Issued by Pacific Life Insurance Company
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Termination of the The assets of Pacific Select Fund Bond and Income
Bond and Portfolio, the underlying portfolio for the Bond
Income investment and Income Variable Account, are scheduled to be
option transferred to the Pacific Select Fund Managed Bond
Portfolio in exchange for shares of the Managed
Other terms of your Bond Portfolio (the "reorganization") on September
policy will not change 22, 2000, at or about 4:00 p.m. Eastern time (the
as a result of the "reorganization date"). At the same time that this
transaction described reorganization occurs, the corresponding
in this supplement. accumulation units of the Bond and Income Variable
Account will automatically be transferred to the
Managed Bond Variable Account in exchange for
corresponding units of that investment option. The
Bond and Income Variable Account will cease to
exist.
You need not take any action regarding the
reorganization. The transfer of your units will
occur automatically on the reorganization date.
If you do not wish to participate in the Managed
Bond investment option, you can transfer among the
investment options as usual. There will be no
charge on transfers for at least 60 days from the
reorganization date. Thereafter, Pacific Life
reserves the right to impose transfer fees for
transfers as stated in the prospectus, but there is
no current plan to do so. Any transfer made during
this time will not count toward any limitation we
may impose on the number of transfers you may make
annually.
Unless you instruct us otherwise, to the extent any
outstanding instruction you have on file with us
designates the Bond and Income investment option,
the instruction will be deemed an instruction for
the Managed Bond investment option. This includes,
but is not limited to, instructions for net premium
allocations, transfer instructions (including
instructions under any automatic transfer,
portfolio rebalancing and dollar cost averaging
programs), and partial withdrawal and monthly
deduction instructions.
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Postponement of the The reorganization date may be postponed if:
transaction
. the New York Stock Exchange or another primary
If the reorganization trading market for portfolio securities of the
date of the Bond and Bond and Income Portfolio and/or the Managed Bond
Income Portfolio is Portfolio is closed to trading or otherwise
postponed, the restricted, or
corresponding transfer
from the Bond and . trading or the reporting of trading on the New
Income Variable York Stock Exchange or other primary trading
Account to the Managed market is disrupted and the fund's board of
Bond Variable Account trustees believes the value of the net assets in
will also be either portfolio cannot be accurately appraised.
postponed.
If either of these events occur, the transaction
described above will be postponed until the first
business day after trading is fully resumed and
reporting has been restored.
Supplement dated August 28, 2000
<PAGE>
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An overview of the Other expenses
policy: Fees and The table also shows the fund expenses for each
expenses paid by the portfolio based on expenses in 1999, adjusted to
Pacific Select Fund: reflect recently reduced custody fees. To help
Other expenses is limit fund expenses, effective July 1, 2000 we have
replaced contractually agreed to waive all or part of our
investment advisory fees or otherwise reimburse
each portfolio for operating expenses (including
organizational expenses, but not including advisory
fees, additional costs associated with foreign
investing and extraordinary expenses) that exceed
an annual rate of 0.10% of its average daily net
assets. Such waiver or reimbursement is subject to
repayment to us to the extent such expenses fall
below the 0.10% expense cap. For each portfolio,
our right to repayment is limited to amounts waived
and/or reimbursed that exceed the new 0.10% expense
cap, but do not exceed the previously established
0.25% expense cap. Any amounts repaid to us will
have the effect of increasing expenses of the
portfolio, but not above the 0.10% expense cap.
There is no guarantee that we will continue to cap
expenses after December 31, 2001. In 1999, Pacific
Life reimbursed the Small-Cap Index Portfolio
$96,949.
<TABLE>
<CAPTION>
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Less
Advisory Other Total adviser's Total net
Portfolio fee expenses expenses+ reimbursement expenses
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As an annual % of average daily net assets
<S> <C> <C> <C> <C> <C>
Aggressive Equity 0.80 0.04 0.84 -- 0.84
Emerging Markets/1/ 1.10 0.19 1.29 -- 1.29
Diversified
Research/2/ 0.90 0.05 0.95 -- 0.95
Small-Cap Equity 0.65 0.04 0.69 -- 0.69
International
Large-Cap/2/ 1.05 0.10 1.15 -- 1.15
Bond and Income 0.60 0.05 0.65 -- 0.65
Equity 0.65 0.03 0.68 -- 0.68
I-Net Tollkeeper/2/ 1.50 0.14 1.64 (0.04) 1.60
Multi-Strategy 0.65 0.04 0.69 -- 0.69
Equity Income 0.65 0.04 0.69 -- 0.69
Growth LT 0.75 0.03 0.78 -- 0.78
Mid-Cap Value 0.85 0.07 0.92 -- 0.92
Equity Index/3/ 0.25 0.04 0.29 -- 0.29
Small-Cap Index 0.50 0.30 0.80 (0.20) 0.60
REIT 1.10 0.15 1.25 (0.05) 1.20
International Value 0.85 0.09 0.94 -- 0.94
Government
Securities 0.60 0.05 0.65 -- 0.65
Managed Bond/1/ 0.60 0.05 0.65 -- 0.65
Money Market/1/ 0.35 0.04 0.39 -- 0.39
High Yield Bond/1/ 0.60 0.05 0.65 -- 0.65
Large-Cap Value 0.85 0.08 0.93 -- 0.93
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</TABLE>
/1/ Total adjusted net expenses for these
portfolios in 1999, after deduction of an
offset for custodian credits were: 1.28% for
Emerging Markets Portfolio, 0.64% for Managed
Bond Portfolio, 0.38% for Money Market
Portfolio, and 0.64% for High Yield Bond
Portfolio.
/2/ Expenses are estimated. There were no actual
advisory fees or expenses for these portfolios
in 1999 because the portfolios started after
December 31, 1999.
/3/ Total adjusted net expenses for the Equity
Index Portfolio in 1999, after deduction of an
offset for custodian credits, were 0.28%. The
advisory fee for the portfolio has also been
adjusted to reflect the advisory fee increase
effective January 1, 2000. The actual advisory
fee and total adjusted net expenses for this
portfolio in 1999, after deduction of an offset
for custodian credits, were 0.16% and 0.19%,
respectively.
+ The fund has adopted a brokerage enhancement
12b-1 plan, under which brokerage transactions
may be placed with broker-dealers in return for
credits, cash, or other compensation that may
be used to help promote distribution of fund
shares. There are no fees or charges to any
portfolio under this plan, although the fund's
distributor may defray expenses of up to
approximately $300,000 for the year 2000, which
it might otherwise incur for distribution. If
such defrayed amount were considered a fund
expense, it would represent approximately
.0023% or less of any portfolio's average daily
net assets.
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Telephone You may enroll in or give instructions regarding
authorizations for the the dollar cost averaging program or portfolio
transfer programs rebalancing program by telephone if we have your
completed telephone authorization form on file.
