<PAGE>
Supplement Dated October 2, 2000 to Prospectus Dated May 1, 2000
for Pacific Innovations, a variable annuity contract
issued by Pacific Life Insurance Company
This supplement changes the Prospectus to reflect the
following, and restates information contained in a
supplement dated August 28, 2000:
---------------------------------------------------------
Two new Variable The two new Variable Investment Options are added to
Investment Options the list on page 1 of the Prospectus.
are available
. Strategic Value
. Focused 30
---------------------------------------------------------
The Strategic Value The Strategic Value and Focused 30 Variable Accounts
and Focused 30 invest in the Strategic Value and Focused 30 Portfolios
Variable Accounts of the Fund. References to the 20 Variable Investment
are added as Options throughout the Prospectus are changed to refer
Variable Investment to 22 Variable Investment Options or Subaccounts.
Options
<PAGE>
---------------------------------------------------------
AN OVERVIEW OF The following on page 7 of the Prospectus is replaced:
PACIFIC
INNOVATIONS- Fees Other Expenses
and Expenses Paid The table also shows the Fund expenses for each
by the Pacific Portfolio based on expenses in 1999, adjusted to
Select Fund: Other reflect recently reduced custody fees. To help limit
Expenses Fund expenses, effective July 1, 2000 we have
contractually agreed to waive all or part of our
investment advisory fees or otherwise reimburse each
Portfolio for operating expenses (including
organizational expenses, but not including advisory
fees, additional costs associated with foreign
investing and extraordinary expenses) that exceed an
annual rate of 0.10% of its average daily net assets.
Such waiver or reimbursement is subject to repayment to
us to the extent such expenses fall below the 0.10%
expense cap. For each Portfolio, our right to repayment
is limited to amounts waived and/or reimbursed that
exceed the new 0.10% expense cap and, except for the
Strategic Value and Focused 30 Portfolios, that do not
exceed the previously established 0.25% expense cap.
Any amounts repaid to us will have the effect of
increasing expenses of the Portfolio, but not above the
0.10% expense cap. There is no guarantee that we will
continue to cap expenses after December 31, 2001. In
1999, Pacific Life reimbursed the Small-Cap Index
Portfolio $96,949.
<TABLE>
-----------------------------------------------------------------------------
<CAPTION>
Less
Advisory Other 12b-1 Total adviser's Total net
Portfolio fee expenses fees+ expenses+ reimbursement expenses
-----------------------------------------------------------------------------
As an annual % of average daily net assets
<S> <C> <C> <C> <C> <C> <C>
Aggressive Equity 0.80 0.04 -- 0.84 -- 0.84
Emerging
Markets/1/ 1.10 0.19 -- 1.29 -- 1.29
Diversified
Research/2/ 0.90 0.05 -- 0.95 -- 0.95
Small-Cap Equity 0.65 0.04 -- 0.69 -- 0.69
International
Large-Cap/2/ 1.05 0.10 -- 1.15 -- 1.15
Equity 0.65 0.03 -- 0.68 -- 0.68
I-Net
Tollkeeper/2/ 1.50 0.14 -- 1.64 (0.04) 1.60
Multi-Strategy 0.65 0.04 -- 0.69 -- 0.69
Equity Income 0.65 0.04 -- 0.69 -- 0.69
Strategic
Value/2/ 0.95 0.08 -- 1.03 -- 1.03
Growth LT 0.75 0.03 -- 0.78 -- 0.78
Focused 30/2/ 0.95 0.08 -- 1.03 -- 1.03
Mid-Cap Value 0.85 0.07 -- 0.92 -- 0.92
Equity Index/3/ 0.25 0.04 -- 0.29 -- 0.29
Small-Cap Index 0.50 0.30 -- 0.80 (0.20) 0.60
REIT 1.10 0.15 -- 1.25 (0.05) 1.20
International
Value 0.85 0.09 -- 0.94 -- 0.94
Government
Securities 0.60 0.05 -- 0.65 -- 0.65
Managed Bond/1/ 0.60 0.05 -- 0.65 -- 0.65
Money Market/1/ 0.35 0.04 -- 0.39 -- 0.39
High Yield
Bond/1/ 0.60 0.05 -- 0.65 -- 0.65
Large-Cap Value 0.85 0.08 -- 0.93 -- 0.93
-----------------------------------------------------------------------------
</TABLE>
/1/ Total adjusted net expenses for these Portfolios in
1999, after deduction of an offset for custodian
credits were: 1.28% for Emerging Markets Portfolio,
0.64% for Managed Bond Portfolio, 0.38% for Money
Market Portfolio, and 0.64% for High Yield Bond
Portfolio.
/2/ Expenses are estimated. There were no actual
advisory fees or expenses for these Portfolios in
1999 because the Portfolios started after December
31, 1999.
/3/ Total adjusted net expenses for the Equity Index
Portfolio in 1999, after deduction of an offset for
custodian credits, were 0.28%. The advisory fee for
the Portfolio has also been adjusted to reflect the
advisory fee increase effective January 1, 2000.
The actual advisory fee and total adjusted net
expenses for this Portfolio in 1999, after
deduction of an offset for custodian credits, were
0.16% and 0.19%, respectively.
+ The Fund has adopted a brokerage enhancement 12b-1
plan, under which brokerage transactions may be
placed with broker-dealers in return for credits,
cash, or other compensation that may be used to
help promote distribution of Fund shares. There are
no fees or charges to any Portfolio under this
plan, although the Fund's distributor may defray
expenses of up to approximately $300,000 for the
year 2000, which it might otherwise incur for
distribution. If such defrayed amount were
considered a Fund expense, it would represent
approximately .0023% or less of any Portfolio's
average daily net assets.
2
<PAGE>
---------------------------------------------------------
AN OVERVIEW OF The following under Examples on page 8 of the
PACIFIC Prospectus is replaced:
INNOVATIONS-
Examples is amended The following table shows the expenses you would pay on
each $1,000 you invested if, at the end of each period,
you: annuitized your Contract; surrendered your
Contract and withdrew the Contract Value, or did not
annuitize or surrender, but left the money in your
Contract.
These examples assume the following:
. the Contract Value starts at $65,000
. the Investment Options have an annual return of 5%
. the Annual Fee is deducted even when the Contract
Value goes over $50,000 and a waiver would normally
apply.
without Rider reflects the expenses you would pay if
you did not buy the optional Stepped-Up Death Benefit
Rider (SDBR) or Premier Death Benefit Rider (PDBR).
with SDBR reflects the expenses you would pay if you
bought the optional Stepped-Up Death Benefit Rider.
with PDBR reflects the expenses you would pay if you
bought the optional Premier Death Benefit Rider.
These examples do not show past or future expenses.
Your actual expenses in any year may be more or less
than those shown here.
--------------------------------------------------------
<TABLE>
<CAPTION>
Expenses if you did
not annuitize or
Expenses if you Expenses if you surrender, but left
annuitized surrendered the money in your
your Contract ($) your Contract ($) Contract ($)
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Variable Account 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr
--------------------------------------------------------------------------------
Aggressive Equity
without Rider 104 71 122 261 104 143 122 261 23 71 122 261
with SDBR 106 77 132 281 106 149 132 281 25 77 132 281
with PDBR 108 82 140 296 108 154 140 296 27 82 140 296
--------------------------------------------------------------------------------
Emerging Markets
without Rider 109 85 144 305 109 157 144 305 28 85 144 305
with SDBR 111 90 154 324 111 162 154 324 30 90 154 324
with PDBR 112 95 161 338 112 167 161 338 31 95 161 338
--------------------------------------------------------------------------------
Diversified Research
without Rider 105 75 128 272 105 147 128 272 24 75 128 272
with SDBR 107 81 138 292 107 153 138 292 26 81 138 292
with PDBR 109 85 145 307 109 157 145 307 28 85 145 307
--------------------------------------------------------------------------------
Small-Cap Equity
without Rider 102 64 110 236 102 136 110 236 21 64 110 236
with SDBR 104 70 120 257 104 142 120 257 23 70 120 257
with PDBR 105 75 128 272 105 147 128 272 24 75 128 272
--------------------------------------------------------------------------------
International Large-
Cap
without Rider 107 81 138 292 107 153 138 292 26 81 138 292
with SDBR 109 87 147 311 109 159 147 311 28 87 147 311
with PDBR 111 91 155 326 111 163 155 326 30 91 155 326
--------------------------------------------------------------------------------
Equity
without Rider 103 66 114 245 103 138 114 245 22 66 114 245
with SDBR 105 73 124 265 105 145 124 265 24 73 124 265
with PDBR 106 77 132 280 106 149 132 280 25 77 132 280
--------------------------------------------------------------------------------
I-Net Tollkeeper
without Rider 112 94 160 335 112 166 160 335 31 94 160 335
with SDBR 114 100 169 354 114 172 169 354 33 100 169 354
with PDBR 115 104 176 367 115 176 176 367 34 104 176 367
--------------------------------------------------------------------------------
Multi-Strategy
without Rider 103 67 114 246 103 139 114 246 22 67 114 246
with SDBR 105 73 125 266 105 145 125 266 24 73 125 266
with PDBR 106 77 132 281 106 149 132 281 25 77 132 281
--------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
--------------------------------------------------------
<TABLE>
<CAPTION>
Expenses if you did
not annuitize or
Expenses if you Expenses if you surrender, but left
annuitized surrendered the money in your
your Contract ($) your Contract ($) Contract ($)
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Variable Account 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr
---------------------------------------------------------------------------------
Equity Income
without Rider 103 67 114 246 103 139 114 246 22 67 114 246
with SDBR 105 73 125 266 105 145 125 266 24 73 125 266
with PDBR 106 77 132 281 106 149 132 281 25 77 132 281
---------------------------------------------------------------------------------
Strategic Value
without Rider 106 77 132 280 106 149 132 280 25 77 132 280
with SDBR 108 83 142 300 108 155 142 300 27 83 142 300
with PDBR 110 87 149 314 110 159 149 314 29 87 149 314
---------------------------------------------------------------------------------
Growth LT
without Rider 104 70 119 255 104 142 119 255 23 70 119 255
with SDBR 106 76 129 275 106 148 129 275 25 76 129 275
with PDBR 107 80 137 290 107 152 137 290 26 80 137 290
---------------------------------------------------------------------------------
Focused 30
without Rider 106 77 132 280 106 149 132 280 25 77 132 280
with SDBR 108 83 142 300 108 155 142 300 27 83 142 300
with PDBR 110 87 149 314 110 159 149 314 29 87 149 314
---------------------------------------------------------------------------------
Mid-Cap Value
without Rider 105 74 126 269 105 146 126 269 24 74 126 269
with SDBR 107 80 136 289 107 152 136 289 26 80 136 289
with PDBR 108 84 144 304 108 156 144 304 27 84 144 304
---------------------------------------------------------------------------------
Equity Index
without Rider 99 54 93 203 99 126 93 203 18 54 93 203
with SDBR 101 60 104 224 101 132 104 224 20 60 104 224
with PDBR 102 65 111 240 102 137 111 240 21 65 111 240
---------------------------------------------------------------------------------
Small-Cap Index
without Rider 103 67 114 246 103 139 114 246 22 67 114 246
with SDBR 105 73 125 266 105 145 125 266 24 73 125 266
with PDBR 106 77 132 281 106 149 132 281 25 77 132 281
---------------------------------------------------------------------------------
REIT
without Rider 108 82 140 297 108 154 140 297 27 82 140 297
with SDBR 110 88 150 316 110 160 150 316 29 88 150 316
with PDBR 111 93 157 330 111 165 157 330 30 93 157 330
---------------------------------------------------------------------------------
International Value
without Rider 105 74 127 271 105 146 127 271 24 74 127 271
with SDBR 107 80 137 291 107 152 137 291 26 80 137 291
with PDBR 109 85 145 306 109 157 145 306 28 85 145 306
---------------------------------------------------------------------------------
Government Securities
without Rider 102 66 112 242 102 138 112 242 21 66 112 242
with SDBR 104 72 123 262 104 144 123 262 23 72 123 262
with PDBR 106 76 130 277 106 148 130 277 25 76 130 277
---------------------------------------------------------------------------------
Managed Bond
without Rider 102 65 112 241 102 137 112 241 21 65 112 241
with SDBR 104 71 122 261 104 143 122 261 23 71 122 261
with PDBR 106 76 130 276 106 148 130 276 25 76 130 276
---------------------------------------------------------------------------------
Money Market
without Rider 100 57 99 213 100 129 99 213 19 57 99 213
with SDBR 102 63 109 234 102 135 109 234 21 63 109 234
with PDBR 103 68 116 250 103 140 116 250 22 68 116 250
---------------------------------------------------------------------------------
High Yield Bond
without Rider 102 65 112 241 102 137 112 241 21 65 112 241
with SDBR 104 71 122 261 104 143 122 261 23 71 122 261
with PDBR 106 76 130 276 106 148 130 276 25 76 130 276
---------------------------------------------------------------------------------
Large-Cap Value
without Rider 105 74 127 270 105 146 127 270 24 74 127 270
with SDBR 107 80 137 290 107 152 137 290 26 80 137 290
with PDBR 109 85 144 305 109 157 144 305 28 85 144 305
---------------------------------------------------------------------------------
</TABLE>
4
<PAGE>
---------------------------------------------------------
YOUR INVESTMENT The chart on page 10 of the Prospectus YOUR INVESTMENT
OPTIONS: Your OPTIONS: Your Variable Investment Options is amended to
Variable add the following:
Investment Options
is amended
<TABLE>
<CAPTION>
Primary Investments
Portfolio Objective (under normal circumstances) Portfolio Manager
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Strategic Long-term growth of capital. Common stocks with the potential for long- Janus Capital
Value term growth Corporation
of capital.
-----------------------------------------------------------------------------------------------------------
Focused 30 Long-term growth of capital. Common stocks selected for their growth Janus Capital
potential. Corporation
-----------------------------------------------------------------------------------------------------------
</TABLE>
5
