<PAGE>
SUPPLEMENT DATED SEPTEMBER 9, 1999 TO PROSPECTUS DATED MAY 1, 1999 FOR
PACIFIC ONE, PACIFIC PORTFOLIOS AND PACIFIC VALUE
INDIVIDUAL FLEXIBLE PREMIUM DEFERRED
VARIABLE ANNUITY CONTRACTS
(EACH A "PROSPECTUS") ISSUED BY PACIFIC LIFE INSURANCE COMPANY
<TABLE>
<S> <C>
In this supplement, you and your mean Effective October 1, 1999, you may choose the Growth Variable Account as an
the Policyholder or Owner. The Fund additional Variable Investment Option. The Growth Variable Account invests
refers to Pacific Select Fund. You'll in the Growth Portfolio of the Fund.
find an explanation of what capitalized
terms mean in your variable annuity Here's some information you need to know about the Growth Portfolio:
prospectus or the Fund prospectus.
---------------------------------------------------------------------------
The Fund is described in detail in its Primary Investments
prospectus and its Statement of (under normal Portfolio
Additional Information (SAI). Objective circumstances) Manager
---------------------------------------------------------------------------
Growth of capital. Equity securities of smaller Capital Guardian
and medium-sized companies. Trust Company
---------------------------------------------------------------------------
The following table shows advisory fees and expenses the Fund paid
in 1998 as an annual percentage of the Growth Portfolio's average daily net
assets.
Advisory Fee Other Expenses Total Expenses
------------ -------------- --------------
0.65% 0.05% 0.70%
The section entitled Equity Income in the table on page 9 of the
Prospectus is changed to read Equity Income and Growth.
For more information on the Growth Variable Account and the Growth
Portfolio, please see your Prospectus and the Fund's prospectus.
</TABLE>
<PAGE>
Supplement dated September 9, 1999 to Statement of Additional Information
dated May 1, 1999 for Pacific One Individual Flexible Premium Deferred
Variable Annuity Contracts
("SAI") Issued by Pacific Life Insurance Company
The Growth Variable Account is not available prior to October 1, 1999. However,
we are including performance information based on the historical performance of
the Subaccount.
The following table presents what the performance of the Growth Variable Account
would have been if the Subaccount had been both in existence and invested in the
corresponding Portfolio since the date of the Portfolio's inception on January
4, 1988. Because the Subaccount has not commenced operations, these are not
actual performance numbers for the Subaccount or for the Contract.
These are hypothetical total return numbers that represent the actual
performance of the Portfolio, adjusted for the fees and charges applicable to
the Contract. Any charge for premium taxes and/or other taxes are not reflected
in these data, and reflection of the Annual Fee assumes an average Contract size
of $80,000.
The results shown in the table below are not an estimate or
guarantee of future investment performance.
Historical and Hypothetical Separate Account Performance
Annualized Rates of Return for Periods Ended December 31, 1998
All numbers are expressed as a percentage
1 Year 3 Years 5 Years 10 Years Since Inception
-------- --------- --------- ---------- -----------------
1.22 16.60 11.70 14.09 14.07
Form No. POSAI0999
