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Supplement Dated June 1, 1999 to Prospectus dated May 1, 1999
for Pacific Select Variable Annuity
Issued by Pacific Life Insurance Company ("Prospectus")
This supplement amends your Prospectus as follows:
For Contracts issued on June 1, 1999 or later, we will allocate any premium
payments we receive in accordance with your application or most recent
instructions regardless of where you reside. We no longer require that we hold
your premium payment in the Money Market Variable Account for 15 days after your
Contract is issued if your Contract is delivered in a state that requires us to
refund premium if you exercise your right to cancel.
We also waive the restriction on transfers from the Money Market Variable
Account during the 15 days following the Contract Date.
Free Look Right
You may return a Contract within the Free Look Period, which is usually 10 days
after you receive the Contract (15 days in Colorado, 20 days in North Dakota and
Idaho, and 30 days if you reside in California and are age 60 or older) unless
state law requires otherwise.
Premiums received during the Free Look Period will be allocated according to
your instructions contained in the application or more recent instructions, if
any. The returned Contract will then be deemed void and we will refund any
premium payments allocated to the Fixed Account and any Variable Account
Accumulated Value as of the end of the Valuation Period in which we receive the
Contract plus any Contract Charges and Fees deducted from your Accumulated Value
allocated to the Variable Accounts. Thus, an Owner who returns a Contract
within the Free Look Period bears only the investment risk, on amounts
attributable to premium payments. If you are an Eligible Person and we credit
additional amounts to your Contract as described in CHARGES AND DEDUCTIONS -
Variations in Charges, if you return your Contract during the Free Look Period
you will not receive any amounts that we add as a credit or any gains or losses
on the amounts credited (but if the credited amounts and gains on such amounts
exceed the withdrawal charge percentage on your Contract, we will refund the
amount of the excess). You will receive any Contract Fees and Charges that we
deducted from the credited amounts. We have applied to the Securities and
Exchange Commission for an exemptive order to change the amount you would
receive if you return your Contract during the Free Look Period. We can not be
sure that the SEC will grant this order, but if it is granted, you would not
receive any amounts that we add as a credit or Contract Fees and Charges
deducted from those amounts, but you would keep the gains or losses on the
credited amounts.
If you reside in a state that requires us to return premium payments, or your
Contract is an IRA, and you exercise the Free Look Right, we will refund any
premiums received or, if required by your state of residence, premiums allocated
to the Fixed Account plus the greater of premiums allocated to the Separate
Account or Accumulated Value in the Separate Account plus any Contract Charges
and Fees deducted from the Variable Accounts on the Contract Date. In
Pennsylvania, we will refund premiums allocated to the Fixed Account plus the
Accumulated Value in the Separate Account plus any Contract Charges deducted
from the Separate Account on the Contract Date. As of the date of this
Prospectus, the following states require return of premium payments:
Georgia North Carolina
Idaho Oklahoma
Michigan South Carolina
Missouri Utah
Nebraska Washington
West Virginia
If your contract is issued in exchange for another annuity contract or a life
insurance policy, our administrative procedures may vary, depending on the state
in which your contract is issued.
