<PAGE>
Supplement to Prospectus Dated May 1, 2000 for
Pacific Select Exec, Pacific Select Choice
Flexible Premium Variable Insurance Policies
and the Pacific Select Estate Maximizer Modified Single
Premium Variable 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
This supplement changes the prospectus to reflect the
following and restates information contained in a
supplement dated August 28, 2000:
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Two new variable The two new investment options are added to the chart
investment options on page 1 of the prospectus.
are available
. Strategic Value
. Focused 30
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The Bond and Income The Bond and Income variable account terminated on
investment option September 22, 2000.
is no longer
available There will be no charge on transfers for at least 60
days from that 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.
All references to the Bond and Income variable account,
investment option or portfolio are removed. References
to the 21 variable investment options throughout the
prospectus are changed to refer to 22 variable
investment options.
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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An overview of the Other expenses
policy: Fees and The table also shows the fund expenses for each
expenses paid by portfolio based on expenses in 1999, adjusted to
the Pacific Select reflect recently reduced custody fees. To help limit
Fund: Other fund expenses, effective July 1, 2000 we have
expenses is contractually agreed to waive all or part of our
replaced 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 and, except for the
Strategic Value and Focused 30 portfolios, that 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.
Supplement dated October 2, 2000
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<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
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
Strategic Value/2/
0.95 0.08 1.03 -- 1.03
Growth LT 0.75 0.03 0.78 -- 0.78
Focused 30/2/ 0.95 0.08 1.03 -- 1.03
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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Your investment The chart in Your investment options: Variable
options is amended investment options is amended to add the following:
<TABLE>
<CAPTION>
THE PORTFOLIO'S THE PORTFOLIO'S PORTFOLIO
PORTFOLIO INVESTMENT GOAL MAIN INVESTMENTS MANAGER
<S> <C> <C> <C>
Strategic Long-term growth of Common stocks with the potential Janus Capital
Value capital. for long-term growth of capital. Corporation
Focused Long-term growth of Common stocks selected for their Janus Capital
30 capital. growth potential. Corporation
</TABLE>
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Telephone You may enroll in or give instructions regarding the
transactions is dollar cost averaging or portfolio rebalancing program
changed to by telephone if we have your completed telephone
Telephone and authorization on file.
electronic
transactions By the end of the year, certain registered
representatives will be able to give us instructions
We expect to make electronically if authorized by you. You may appoint
the electronic your registered representative to give us instructions
transaction feature on your behalf by completing and filing an updated
available by the telephone and electronic authorization with us.
end of 2000. Please
ask your registered Transactions made electronically will be subject to the
representative for same procedures, restrictions and risks as those made
more information. by telephone. Sometimes your electronic transactions
will not be able to reach us. For example, our website
may be busy because of unusual market activity or a
significant economic or market change, or telephone
lines or the Internet are out of service due to severe
weather conditions or other emergencies.
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