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SUPPLEMENT DATED DECEMBER 21, 1998 TO PROSPECTUS DATED MAY 1, 1998 FOR
PACIFIC ONE INDIVIDUAL FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY CONTRACT
("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 second paragraph on the first page is revised to read:
Eighteen Investment Options are currently available. Each of the seventeen
Variable Investment Options now in effect is a subaccount of the Separate
Account, and provides variable returns by investing in shares of a
corresponding Portfolio of Pacific Select Fund:
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>
SUMMARY
The second sentence under "What Are My Investment Options?" is revised to
read:
Seventeen of the eighteen Investment Options are Variable Investment Options
available through Separate Account A.
The fourth sentence under "What Are My Investment Options?" is revised to
read:
We are the investment adviser to the Fund, and we and the Fund have retained
other portfolio managers for fifteen of the Portfolios.
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 footnote under "Fund Annual Expenses After Expense Limitation" is
revised as follows:
The first sentence of the footnote is revised to read:
The expenses listed for the other thirteen 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 the footnote:
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.
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The "Example" table under "Fund Annual Expenses After Expense Limitation" is
revised by adding the following:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
<S> <C> <C> <C> <C>
Mid-Cap Value................................ $24 $74 $126 $269
Large-Cap Value.............................. $24 $74 $126 $269
Small-Cap Value.............................. $20 $63 $108 $233
REIT......................................... $26 $81 $138 $293
</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.
YOUR INVESTMENT OPTIONS
The first sentence under "Your Variable Investment Options" is revised to
read:
Separate Account A, a separate account of ours, currently offers you seventeen
"Variable Investment Options" (also called "Subaccounts").
The bulleted list under "Your Variable Investment Options" is revised by
adding the following:
. Mid-Cap Value Subaccount
. Large-Cap Value Subaccount
. Small-Cap Index Subaccount
. REIT Subaccount
The chart under "What Are Each of These Options?" 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 the Russell 2000 Index
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:
We and the Fund have retained other portfolio managers, supervised by us, for
fifteen of the Portfolios.
HOW YOUR PAYMENTS ARE ALLOCATED
The first sentence under "Choosing Your Investment Options" is revised to
read:
You may allocate your Purchase Payments among the seventeen Subaccounts and
the Fixed Option.
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Form No. PO122198
