<PAGE>
SUPPLEMENT DATED DECEMBER 21, 1998 TO PROSPECTUS DATED MAY 1, 1998 FOR
PACIFIC SELECT VARIABLE ANNUITY ("PROSPECTUS") ISSUED BY PACIFIC LIFE
INSURANCE COMPANY
The 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>
DEFINITIONS
The last sentence under the definition of "Variable Account" is revised to
read:
Currently, eighteen Variable Accounts are available under the Contract
unless otherwise indicated in this Prospectus.
SUMMARY
The fifth sentence in the first paragraph under "The Variable Accounts and
the Fund" is revised by adding the following Portfolios of the Fund:
Mid-Cap Value Portfolio, Large-Cap Value Portfolio, Small-Cap Index
Portfolio and REIT Portfolio
EXPENSE TABLE
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 first sentence of the Footnote 5 following the table under "Fund Annual
Expenses After Expense Limitation" 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 Footnote 5:
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.
The table under "Examples" is revised by adding the following:
<TABLE>
<CAPTION>
CONTRACT NOT SURRENDERED
CONTRACT SURRENDERED CONTRACT ANNUITIZED AT OR ANNUITIZED AND REMAINS
VARIABLE ACCOUNT AT END OF TIME PERIOD END OF TIME PERIOD* IN FORCE AT END OF TIME PERIOD
---------------- --------------------- ---------------------- ------------------------------
<S> <C> <C> <C>
Mid-Cap Value
1 Year................ $ 78 $ 78 $ 24
3 Year................ 119 74 74
5 Year................ 154 127 127
10 Year............... 270 270 270
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CONTRACT NOT SURRENDERED
CONTRACT SURRENDERED CONTRACT ANNUITIZED AT OR ANNUITIZED AND REMAINS
VARIABLE ACCOUNT AT END OF TIME PERIOD END OF TIME PERIOD* IN FORCE AT END OF TIME PERIOD
---------------- --------------------- ---------------------- ------------------------------
<S> <C> <C> <C>
Large-Cap Value
1 Year................ 78 78 24
3 Year................ 119 74 74
5 Year................ 154 127 127
10 Year............... 270 270 270
Small-Cap Index
1 Year................ 75 75 21
3 Year................ 108 63 63
5 Year................ 136 109 109
10 Year............... 234 234 234
REIT
1 Year 81 81 27
3 Year................ 127 82 82
5 Year................ 166 139 139
10 Year............... 295 295 295
</TABLE>
FINANCIAL HIGHLIGHTS
The first sentence under "FINANCIAL HIGHLIGHTS" is revised to read:
The following tables present financial highlights with respect to each
Variable Account of the Separate Account, other than the Mid-Cap Value, Large-
Cap Value, Small-Cap Index, and REIT Variable Accounts which had not yet begun
operations.
INFORMATION ABOUT PACIFIC LIFE, THE SEPARATE ACCOUNT, AND THE FUND
The first sentence in the second paragraph under "Separate Account" is
revised to read:
The Separate Account is currently divided into eighteen Variable Accounts.
The second sentence in the first paragraph under "Pacific Select Fund" is
revised to read:
The Fund currently has eighteen separate Portfolios, each of which pursues
different investment objectives and policies.
The chart under "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 Bankers Trust Company
correspond to the total return of Russell 2000 Index
the 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" is revised to read:
For sixteen of the Portfolios, the Investment Adviser and the Fund have
engaged other firms to serve as Portfolio Managers under our supervision.
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Form No. PS122198
