-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ES9ZGCFBk8a+YtVwt1kiVEahQ52Y2FFSLwivPfJeVTe0+SGAQhESxS/2iTDvegRe VtAzD9xGS7JTmVbDNSuUCA== 0001017062-99-001498.txt : 19990817 0001017062-99-001498.hdr.sgml : 19990817 ACCESSION NUMBER: 0001017062-99-001498 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEPARATE ACCOUNT A OF PACIFIC LIFE INSURANCE CO CENTRAL INDEX KEY: 0000935823 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 333-60833 FILM NUMBER: 99693780 BUSINESS ADDRESS: STREET 1: P O BOX 7500 CITY: NEWPORT BEACH STATE: CA ZIP: 92658-7500 BUSINESS PHONE: 7146403743 MAIL ADDRESS: STREET 1: P O BOX 7500 CITY: NEWPORT BEACH STATE: CA ZIP: 92658-7500 FORMER COMPANY: FORMER CONFORMED NAME: SEPARATE ACCOUNT A OF PACIFIC MUTUAL LIFE INS CO DATE OF NAME CHANGE: 19950119 497 1 PACIFIC LIFE "VALUE" SUPPLEMENT DATED AUGUST 16, 1999 Supplement dated August 16th, 1999 to Prospectus dated May 1, 1999 for the Pacific Value Variable Annuity Issued by Pacific Life Insurance Company ("Prospectus") Capitalized terms used in this Supplement are defined in the Prospectus referred to above unless otherwise defined herein. "We," "us", or "our" refer to Pacific Life Insurance Company; "you" or "your" refer to the Contract Owner. This Supplement which amends the Prospectus describes the optional Guaranteed Income Advantage Rider ("GIA Rider"). The AN OVERVIEW OF PACIFIC VALUE section is amended as follows: Guaranteed Income Advantage Rider (Optional) The Guaranteed Income Advantage Rider ("GIA Rider") offers a guaranteed income advantage annuity option. You may buy the GIA Rider on the Contract Date or on any Contract Anniversary. The GIA Rider is not available in all states. Ask your registered representative about its current availability status in your state of residence. The expense table under Contract Expenses has been revised by adding: Guaranteed Income Advantage Rider Charge, as a percentage of Contract Value/6/ 0.30%
/6/ If you buy the Guaranteed Income Advantage Rider ("GIA Rider"), which is subject to state availability, we deduct this charge on each Contract Anniversary date and the Annuity Date, and when you make a full withdrawal, if the GIA Rider is in effect on that date, or when you terminate the GIA Rider. The information under Examples has been revised as follows: The following table shows the expenses you would pay on each $1,000 you invested if, at the end of each period, you: annuitized your Contract; surrendered your Contract and withdrew the Contract Value, or did not annuitize or surrender, but left the money in your Contract. These examples assume an annual return of 5%. without any Rider reflects the expenses you would pay if you did not buy the optional Stepped-Up Death Benefit Rider (SDBR) or Premier Death Benefit Rider (PDBR) and the Guaranteed Income Advantage Rider. with SDBR reflects the expenses you would pay if you bought the Stepped-Up Death Benefit Rider, but not the GIA Rider or PDBR. These expenses depend on the age of the youngest Annuitant on the Contract Date. with PDBR reflects the expenses you would pay if you bought the optional Premier Death Benefit Rider, but not the GIA Rider or SDBR. These expenses depend on the age of the youngest Annuitant on the Contract Date. with GIA Rider reflects the expenses you would pay if you bought the optional Guaranteed Income Advantage Rider, but not the optional SDBR or PDBR. with SDBR and GIA Rider reflects the expenses you would pay if you bought the optional Stepped-Up Death Benefit Rider and the Guaranteed Income Advantage Rider. with PDBR and GIA Rider reflects the expenses you would pay if you bought the Premier Death Benefit Rider and the Guaranteed Income Advantage Rider. These examples do not show past or future expenses. Your actual expenses in any year may be more or less than those shown here. - -----------------------------------------------------------------------------------------------
Expenses if you did not Expenses if you Expenses if you annuitize or surrender, but annuitized surrendered left the money in your your Contract ($) your Contract ($) Contract ($) - ----------------------------------------------------------------------------------------------- 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 - ----------------------------------------------------------------------------------------------- Money Market without any Rider 82 58 99 214 82 121 144 214 19 58 99 214 with SDBR 84 64 109 235 84 127 154 235 21 64 109 235 with PDBR 85 68 117 251 85 131 162 251 22 68 117 251 with GIA Rider 85 67 114 246 85 130 159 246 22 67 114 246 with SDBR and GIA Rider 87 73 125 266 87 136 170 266 24 73 125 266 with PDBR and GIA Rider 88 77 132 281 88 140 177 281 25 77 132 281 - ----------------------------------------------------------------------------------------------- High Yield Bond without any Rider 84 65 111 239 84 128 156 239 21 65 111 239 with SDBR 86 71 121 259 86 134 166 259 23 71 121 259 with PDBR 87 75 128 274 87 138 173 274 24 75 128 274 with GIA Rider 87 74 126 269 87 137 171 269 24 74 126 269 with SDBR and GIA Rider 89 80 136 289 89 143 181 289 26 80 136 289 with PDBR and GIA Rider 90 84 144 304 90 147 189 304 27 84 144 304 - ----------------------------------------------------------------------------------------------- Managed Bond without any Rider 84 65 111 239 84 128 156 239 21 65 111 239 with SDBR 86 71 121 259 86 134 166 259 23 71 121 259 with PDBR 87 75 128 274 87 138 173 274 24 75 128 274 with GIA Rider 87 74 126 269 87 137 171 269 24 74 126 269 with SDBR and GIA Rider 89 80 136 289 89 143 181 289 26 80 136 289 with PDBR and GIA Rider 90 84 144 304 90 147 189 304 27 84 144 304 - ----------------------------------------------------------------------------------------------- Government Securities without any Rider 84 65 111 239 84 128 156 239 21 65 111 239 with SDBR 86 71 121 259 86 134 166 259 23 71 121 259 with PDBR 87 75 128 274 87 138 173 274 24 75 128 274 with GIA Rider 87 74 126 269 87 137 171 269 24 74 126 269 with SDBR and GIA Rider 89 80 136 289 89 143 181 289 26 80 136 289 with PDBR and GIA Rider 90 84 144 304 90 147 189 304 27 84 144 304 - ----------------------------------------------------------------------------------------------- Aggressive Equity without any Rider 86 71 122 262 86 134 167 262 23 71 122 262 with SDBR 88 77 132 282 88 140 177 282 25 77 132 282 with PDBR 90 82 140 297 90 145 185 297 27 82 140 297 with GIA Rider 89 81 138 292 89 144 183 292 26 81 138 292 with SDBR and GIA Rider 91 87 147 312 91 150 192 312 28 87 147 312 with PDBR and GIA Rider 93 91 156 326 93 154 200 326 30 91 155 326 - ----------------------------------------------------------------------------------------------- Growth LT without any Rider 85 69 118 253 85 132 163 253 22 69 118 253 with SDBR 87 75 128 273 87 138 173 273 24 75 128 273 with PDBR 89 79 135 288 89 142 180 288 26 79 135 288 with GIA Rider 88 78 133 283 88 141 178 283 25 78 133 283 with SDBR and GIA Rider 90 84 143 303 90 147 188 303 27 84 143 303 with PDBR and GIA Rider 92 88 150 317 92 151 195 317 29 88 150 317 - -----------------------------------------------------------------------------------------------
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Expenses if you did not annuitize or Expenses if you Expenses if you surrender, but left annuitized your surrendered your the money in your Contract ($) Contract ($) Contract ($) - -------------------------------------------------------------------------------------- Variable Account 1 yr 3 yr 5 yr 10yr 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr - -------------------------------------------------------------------------------------- Equity Income without any Rider 84 66 113 243 84 129 158 243 21 66 113 243 with SDBR 86 72 123 263 86 135 168 263 23 72 123 263 with PDBR 88 76 130 278 88 139 175 278 25 76 130 278 with GIA Rider 87 75 128 273 87 138 173 273 24 75 128 273 with SDBR and GIA Rider 89 81 138 293 89 144 183 293 26 81 138 293 with PDBR and GIA Rider 91 85 145 308 91 148 190 308 28 85 145 308 - -------------------------------------------------------------------------------------- Multi-Strategy without any Rider 84 66 113 244 84 129 158 244 21 66 113 244 with SDBR 86 72 123 264 86 135 168 264 23 72 123 264 with PDBR 88 78 131 279 88 140 176 279 25 77 131 279 with GIA Rider 87 75 129 274 87 138 174 274 24 75 129 274 with SDBR and GIA Rider 89 81 139 294 89 144 184 294 26 81 139 294 with PDBR and GIA Rider 91 86 146 309 91 149 191 309 28 86 146 309 - -------------------------------------------------------------------------------------- Large-Cap Value without any Rider 86 72 123 264 86 135 168 264 23 72 123 264 with SDBR 88 78 133 284 88 141 178 284 25 78 133 284 with PDBR 90 83 141 299 90 146 186 299 27 83 141 299 with GIA Rider 89 81 139 294 89 144 184 294 26 81 139 294 with SDBR and GIA Rider 91 87 148 314 91 150 193 314 28 87 148 314 with PDBR and GIA Rider 93 92 156 328 93 155 201 328 30 92 156 328 - -------------------------------------------------------------------------------------- Mid-Cap Value without any Rider 86 72 123 264 86 135 168 264 23 72 123 264 with SDBR 88 78 133 284 88 141 178 284 25 78 133 284 with PDBR 90 83 141 299 90 146 186 299 27 83 141 299 with GIA Rider 89 81 139 294 89 144 184 294 26 81 139 294 with SDBR and GIA Rider 91 87 148 314 91 150 193 314 28 87 148 314 with PDBR and GIA Rider 93 92 156 328 93 155 201 328 30 92 156 328 - -------------------------------------------------------------------------------------- Equity without any Rider 84 66 113 244 84 129 158 244 21 66 113 244 with SDBR 86 72 123 264 86 135 168 264 23 72 123 264 with PDBR 88 77 131 279 88 140 176 279 25 77 131 279 with GIA Rider 87 75 129 274 87 138 174 274 24 75 129 274 with SDBR and GIA Rider 89 81 139 294 89 144 184 294 26 81 139 294 with PDBR and GIA Rider 91 86 146 309 91 149 191 309 28 86 146 309 - -------------------------------------------------------------------------------------- Bond and Income without any Rider 84 66 113 243 84 129 158 243 21 66 113 243 with SDBR 86 72 123 263 86 135 168 263 23 72 123 263 with PDBR 88 76 130 278 88 139 175 278 25 76 130 278 with GIA Rider 87 75 128 273 87 138 173 273 24 75 128 273 with SDBR and GIA Rider 89 81 138 293 89 144 183 293 26 81 138 293 with PDBR and GIA Rider 91 85 145 308 91 148 190 308 28 85 145 308 - --------------------------------------------------------------------------------------
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Expenses if you did not annuitize or Expenses if you Expenses if you surrender, but left annuitized your surrendered your the money in your Contract ($) Contract ($) Contract ($) - --------------------------------------------------------------------------------------- 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 Index without any Rider 79 51 88 191 79 114 133 191 16 51 88 191 with SDBR 81 57 98 212 81 120 143 212 18 57 98 212 with PDBR 83 61 106 228 83 124 151 228 20 61 106 228 with GIA Rider 82 60 103 223 82 123 148 223 19 60 103 223 with SDBR and GIA Rider 84 66 113 244 84 129 158 244 21 66 113 244 with PDBR and GIA Rider 86 71 121 259 86 134 166 259 23 71 121 259 - --------------------------------------------------------------------------------------- Small-Cap Index without any Rider 83 61 106 228 83 124 151 228 20 61 106 228 with SDBR 85 68 116 249 85 131 161 249 22 68 116 249 with PDBR 86 72 123 264 86 135 168 264 23 72 123 264 with GIA Rider 86 71 121 259 86 134 166 259 23 71 121 259 with SDBR and GIA Rider 88 77 131 279 88 140 176 279 25 77 131 279 with PDBR and GIA Rider 89 81 139 294 89 144 184 294 26 81 139 294 - --------------------------------------------------------------------------------------- REIT without any Rider 89 80 136 289 89 143 181 289 26 80 136 289 with SDBR 91 86 146 308 91 149 191 308 28 86 146 308 with PDBR 92 90 153 323 92 153 198 323 29 90 153 323 with GIA Rider 92 89 151 318 92 152 196 318 29 89 151 318 with SDBR and GIA Rider 94 95 161 337 94 158 206 337 31 95 161 337 with PDBR and GIA Rider 95 99 168 351 95 162 213 351 32 99 168 351 - --------------------------------------------------------------------------------------- International without any Rider 87 75 128 273 87 138 173 273 24 75 128 273 with SDBR 89 81 138 293 89 144 183 293 26 81 138 293 with PDBR 91 85 145 307 91 148 190 307 28 85 145 307 with GIA Rider 90 84 143 303 90 147 188 303 27 84 143 303 with SDBR and GIA Rider 92 90 153 322 92 153 198 322 29 90 153 322 with PDBR and GIA Rider 94 94 160 336 94 157 205 336 31 94 160 336 - --------------------------------------------------------------------------------------- Emerging Markets without any Rider 92 89 151 318 92 152 196 318 29 89 151 318 with SDBR 94 94 160 337 94 157 205 337 31 94 160 337 with PDBR 95 99 168 351 95 162 213 351 32 99 168 351 with GIA Rider 95 97 165 346 95 160 210 346 32 97 165 346 with SDBR and GIA Rider 97 103 175 365 97 166 220 365 34 103 175 365 with PDBR and GIA Rider 98 108 182 378 98 171 227 378 35 108 182 378 - ---------------------------------------------------------------------------------------
The following is added to the CHARGES, FEES AND DEDUCTIONS section: Guaranteed Income Advantage Charge (Optional Rider) If you purchase the GIA Rider, we deduct annually a Guaranteed Income Advantage Charge ("GIA Charge") for expenses related to the GIA Rider. The GIA Charge is equal to 0.30% multiplied by your Contract Value on the date the Charge is deducted. We will deduct the GIA Charge from your Investment Options on a proportionate basis: . on each Contract Anniversary the GIA Rider remains in effect; on the Annuity Date, if the GIA Rider is still in effect; . when the GIA Rider is terminated. Any portion of the GIA Charge we deduct from the Fixed Option will not be greater than the annual interest credited in excess of 3%. If you terminate the GIA Rider, we will charge your Contract for the annual GIA Charge on the effective date of termination. If you make a full withdrawal of the amount available for withdrawal during a Contract Year, we will deduct the entire GIA Charge for the Contract Year the final payment made to you. The following is added to the PURCHASING YOUR CONTRACT section: Purchasing the Guaranteed Income Advantage Rider (Optional) You may purchase the GIA Rider on the Contract Date or on any Contract Anniversary. You may purchase the GIA Rider only if the age of each Annuitant is 80 years or younger on the date the GIA Rider is purchased. The GIA Rider will remain in effect until the earlier of: . a full withdrawal of the amount available for withdrawal under the Contract; . a death benefit becomes payable under the Contract; . any termination of the Contract in accordance with the terms of the Contract; . the Annuity Date; or . termination of the GIA Rider. You may terminate the GIA Rider on the fifth Contract Anniversary or on any later Contract Anniversary. The following is added to the RETIREMENT BENEFITS AND OTHER PAYOUTS section under Choosing Your Annuity Option: Guaranteed Income Advantage Annuity Option If you purchase the GIA Rider, you may choose any of the Annuity Options described in the Prospectus, or you may choose the Guaranteed Income Advantage Annuity Option if 10 years have passed since the GIA Rider was purchased and the GIA Rider is still in effect. You must choose fixed annuity payments under this Guaranteed Income Advantage Annuity Option. The guaranteed income purchased per $1,000 of the net amount applied to the annuity payments will be based on an annual interest rate of 2.5% and the 1983a Annuity Mortality Table with the age set back 10 years. The net amount applied to the annuity payments under the Guaranteed Income Advantage Annuity Option will be based on the higher of the following Guaranteed Income Base or the Enhanced Income Base, which are described below. 1. Guaranteed Income Base--If you purchase the GIA Rider on the Contract Date, the Guaranteed Income Base is equal to the Purchase Payments less an adjustment for each withdrawal, increased at a 5% effective annual rate of interest. We calculate the adjustment for each withdrawal by multiplying the Guaranteed Income Base prior to a withdrawal by the ratio of the amount of the withdrawal, including applicable withdrawal charges, to the Contract Value immediately prior to withdrawal. If you purchase the GIA Rider on a Contract Anniversary after the Contract Date, the Guaranteed Income Base is equal to the Contract Value on the date the GIA Rider is purchased, plus all Purchase Payments made after the GIA Rider is purchased, less an adjustment for each withdrawal occurring after the GIA is purchased, increased at a 5% effective annual rate of interest. We calculate the adjustment for each withdrawal by multiplying the Guaranteed Income Base prior to the withdrawal by the ratio of the amount of the withdrawal, including applicable withdrawal charges, to the Contract Value immediately prior to the withdrawal. The effective annual rate of interest will take into account the timing of when each Purchase Payment and withdrawal occurred. We accomplish this by applying a daily factor of 1.000133681 to each day's Guaranteed Income Base balance. The 5% effective annual rate of interest will stop accruing as of the earlier of: . the Contract Anniversary following the date the youngest Annuitant reaches his or her 80th birthday; . a full withdrawal of the amount available for withdrawal under the Contract; . a death benefit becomes payable under the Contract; . any termination of the Contract in accordance with the provisions of the Contract; . the Annuity Date; or . termination of the GIA Rider. On the Annuity Date and if the GIA Rider has not terminated, the net amount we apply to the annuity payments will be the Guaranteed Income Base reduced by any remaining withdrawal charges associated with additional Purchase Payments added to the Contract, any applicable state premium tax, and any outstanding Contract Debt. 2. Enhanced Income Base--The Enhanced Income Base is equal to your Net Contract Value on the Annuity Date plus an additional 15% of the amount equal to: . the Net Contract Value on the Annuity Date; . less the sum of all Purchase Payments applied to the Contract in the 12 months prior to the Annuity Date. On the Annuity Date, the net amount we apply to the annuity payments will be the Enhanced Income Base reduced by any withdrawal charges associated with additional Purchase Payments added to the Contract and any applicable state premium tax. The structure of the annuity payments that may be elected under the Guaranteed Income Advantage Annuity Option are: . 15 years or more Period Certain; . Life; . Joint and Survivor Life; . Life with 10 Years or More Period Certain. If you purchase the Guaranteed Income Advantage ("GIA") Annuity Option, the waiver of withdrawal charges upon annuitization will not apply. We will reduce the net amount applied to the annuity payments under the Guaranteed Income Advantage Annuity Option by any remaining withdrawal charges. The rider contains annuity tables for each GIA Annuity Option available. -----END PRIVACY-ENHANCED MESSAGE-----