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Supplement Dated June 1, 1999 to Prospectus dated May 1, 1999
for Pacific Portfolios 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 Purchase
Payments we receive in accordance with your application or most recent
instructions regardless of where you reside. We will no longer require that we
hold your initial Purchase Payments in the Money Market Investment Option until
your free look transfer date if your Contract is delivered in a state that
requires us to refund premium if you exercise your right to cancel.
We also will waive the restriction on transfers from the Money Market Investment
Option before the free look transfer date.
Short-Term Cancellation Right ("Free Look")
You may return your Contract for cancellation and a full refund during your
"Free Look Period." Your Free Look Period is usually the 10-day period
beginning on the day you receive your Contract, but may vary if required by
state law. For more information, see APPENDIX A: STATE LAW VARIATIONS. If you
return your Contract, it will be canceled and treated as void from your Contract
Date. You will then receive a refund of your Contract Value as of the end of
the Business Day on which we receive your Contract for cancellation, plus a
refund of any amounts that may have been deducted as Contract charges to pay for
premium taxes and/or other taxes. Thus, an Owner who returns a Contract within
the Free Look Period bears only the investment risk on amounts attributable to
Purchase Payments. If you are an Eligible Person and we credit additional
amounts to your Contract as described in CHARGES, FEES, AND DEDUCTIONS - Waivers
and Reduced 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.
Some states' laws and IRA Rules require us to refund your Purchase Payments
instead of your Contract Value.
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 delivered.
