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Supplement Dated June 1, 1999 to Prospectus dated May 1, 1999
for Pacific One 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 as follows:
. All of your Purchase Payments allocated to the Fixed Option, and
. your Variable Account 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 from your Variable Account Value
as Contract charges to pay 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 receive any amounts that we
add as a credit and any gains on the amounts credited. 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
allocated to the Variable Investment Options instead of your Variable Account
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 issued.
