<PAGE>
SUPPLEMENT DATED DECEMBER 21, 1998 TO PROSPECTUS DATED MAY 1, 1998 FOR
PACIFIC PORTFOLIOS 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:
Seventeen Variable Investment Options are currently available; each 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 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.
<PAGE>
The "Example" table under "Fund Annual Expenses After Expense Limitation" is
revised by adding the following:
<TABLE>
<CAPTION>
NEITHER ANNUITIZED
ANNUITIZED SURRENDERED NOR SURRENDERED
------------------ ------------------ ------------------
W/EGMDBR* W/EGMDBR* W/EGMDBR*
---------- ---------- ----------
W/O AGE AGE W/O AGE AGE W/O AGE AGE
VARIABLE ACCOUNT EGMDBR* 0-65 66-75 EGMDBR* 0-65 66-75 EGMDBR* 0-65 66-75
---------------- ------- ---- ----- ------- ---- ----- ------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Mid-Cap Value
1 Year.............. $ 87 $ 88 $ 90 $ 87 $ 88 $ 90 $ 24 $ 25 $ 27
3 Year.............. 75 78 84 129 132 138 75 78 84
5 Year.............. 128 133 143 155 160 170 128 133 143
10 Year............. 272 282 302 272 282 302 272 282 302
Large-Cap Value
1 Year.............. 87 88 90 87 88 90 24 25 27
3 Year.............. 75 78 84 129 132 138 75 78 84
5 Year.............. 128 133 143 155 160 170 128 133 143
10 Year............. 272 282 302 272 282 302 272 282 302
Small-Cap Index
1 Year.............. 84 85 87 84 85 87 21 22 24
3 Year.............. 64 67 73 118 121 127 64 67 73
5 Year.............. 110 115 125 137 142 152 110 115 125
10 Year............. 236 247 267 236 247 267 236 247 267
REIT
1 Year 90 91 93 90 91 93 27 28 30
3 Year.............. 82 85 91 136 139 145 82 85 91
5 Year.............. 140 145 155 167 172 182 140 145 155
10 Year............. 297 307 326 297 307 326 297 307 326
</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 sentence under "YOUR INVESTMENT OPTIONS" is revised to read:
You may choose among seventeen different Variable Investment Options, the
Fixed Option, the DCA Plus Fixed Option and among the three Guarantee Terms
under the Guaranteed Interest Option.
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
<PAGE>
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, the
GIOs, the Fixed Option, and if available in your state of issue, if you elect
DCA Plus, the DCA Plus Fixed Option.
<PAGE>
Form No. PP122198
