497 1 a16-17077_2497.htm 497

 

Supplement dated October 14, 2016 to your Prospectus dated May 1, 2016,

for the Pacific Odyssey (offered before October 1, 2013), Pacific Innovations Select, Pacific Portfolios, Pacific One Select, Pacific Value, and Pacific Voyages variable annuity contracts issued by Pacific Life Insurance Company

 

Capitalized terms used in this supplement are defined in your Contract Prospectus unless otherwise defined herein. ‘‘We,’’ ‘‘us,’’ or ‘‘our’’ refer to Pacific Life Insurance Company; ‘‘you’’ or ‘‘your’’ refer to the Contract Owner.

 

This supplement must be preceded or accompanied by the applicable Contract Prospectus dated May 1, 2016, as supplemented.

 

The purpose of this supplement is to modify the annual charges for certain optional living benefit riders and announce various fund changes.

 

Effective November 1, 2016, all references in the Contract Prospectus to the current/annual charge percentage for the following optional living benefit riders will change to the following:

 

 

 

Current/Annual

 

 

 

Charge Percentage

 

CoreIncome Advantage Plus (Single)

 

1.00

%

CoreIncome Advantage Plus (Joint)

 

1.50

%

CoreIncome Advantage

 

0.70

%

Core Protect Advantage

 

1.50

%

 

 

If you purchased one of the above referenced riders and your Rider Effective Date is before November 1, 2016, the new percentage will not apply unless a Reset occurs as disclosed in your Contract Prospectus.  The Maximum Annual Charge Percentage is not changing for any of the optional riders listed above. Please see the CHARGES, FEES AND DEDUCTIONS — Optional Rider Charges section and the OPTIONAL LIVING BENEFIT RIDERS section in the Contract Prospectus for complete information.

 

Effective September 30, 2016, the following changes are made to the Ivy Funds Variable Insurance Portfolios fund family:

 

The name of the Ivy Funds Variable Insurance Portfolios fund family changed to Ivy Variable Insurance Portfolios. In addition, the name of the applicable Investment Options changed to the following:

 

FROM

 

TO

 

Ivy Funds VIP Asset Strategy

 

Ivy VIP Asset Strategy

 

Ivy Funds VIP Energy

 

Ivy VIP Energy

 

 

The investment adviser to the Ivy Variable Insurance Portfolios changed from Waddell & Reed Investment Management Company to Ivy Investment Management Company.

 

All references in the Contract Prospectus to the prior names are replaced with the new names referenced above.

 

On or about November 30, 2016, the following changes will be made to the GE Investments Funds, Inc. fund family:

 

The Board of Directors of the GE Investments Funds, Inc. approved a proposed rebranding of the fund company name and each of the underlying portfolios for vote by affected Contract Owners. If approved, on or about November 30, 2016, the fund company name GE Investments Funds, Inc. will be changed to State Street Variable Insurance Series Funds, Inc. and the fund name GE Investments Total Return Fund (Class 3) will be changed to State Street Total Return V.I.S. Fund (Class 3).

 

All references in the Contract Prospectus to the prior names are replaced with the new names referenced above.

 

The Investment Adviser subsection under the YOUR INVESTMENT OPTIONS section is amended to include the following:

 

Ivy Investment Management Company is the investment adviser for Ivy Variable Insurance Portfolios.

 

SSGA Funds Management, Inc. is the investment adviser for State Street Variable Insurance Series Funds, Inc.

 

The second paragraph of the Service Arrangements subsection under the ADDITIONAL INFORMATION section is amended to include the following:

 

Ivy Distributors, Inc. pays us for each Ivy Variable Insurance Portfolio held by our separate accounts. State Street Global Markets, LLC, pays us for each State Street Variable Insurance Series Funds, Inc. portfolio (Class 3) held by our separate accounts.

 

Form No. VASUP1016

 



 

Supplement dated October 14, 2016 to your Prospectus dated May 1, 2016,

for the Pacific Select Variable Annuity and Pacific One

variable annuity contracts issued by Pacific Life Insurance Company

 

Capitalized terms used in this supplement are defined in your Contract Prospectus unless otherwise defined herein. “We,” “us,” or “our” refer to Pacific Life Insurance Company; “you” or “your” refer to the Contract Owner.

 

This supplement must be preceded or accompanied by the applicable Contract Prospectus dated May 1, 2016, as supplemented.

 

The purpose of this supplement is to modify the annual charges for certain optional living benefit riders and announce various fund changes.

 

Effective November 1, 2016, all references in the Contract Prospectus to the current/annual charge percentage for the following optional living benefit riders will change to the following:

 

 

 

Current/Annual

 

 

 

Charge Percentage

 

CoreIncome Advantage Plus (Single)

 

1.00

%

CoreIncome Advantage

 

0.70

%

Core Protect Advantage

 

1.50

%

 

If you purchased one of the above referenced riders and your Rider Effective Date is before November 1, 2016, the new percentage will not apply unless a Reset occurs as disclosed in your Contract Prospectus.  The Maximum Annual Charge Percentage is not changing for any of the optional riders listed above. Please see the CHARGES, FEES AND DEDUCTIONS — Optional Rider Charges section and the OPTIONAL LIVING BENEFIT RIDERS section in the Contract Prospectus for complete information.

 

Effective September 30, 2016, the following changes are made to the Ivy Funds Variable Insurance Portfolios fund family:

 

The name of the Ivy Funds Variable Insurance Portfolios fund family changed to Ivy Variable Insurance Portfolios. In addition, the name of the applicable Investment Options changed to the following:

 

FROM

 

TO

Ivy Funds VIP Asset Strategy

 

Ivy VIP Asset Strategy

Ivy Funds VIP Energy

 

Ivy VIP Energy

 

The investment adviser to the Ivy Variable Insurance Portfolios changed from Waddell & Reed Investment Management Company to Ivy Investment Management Company.

 

All references in the Contract Prospectus to the prior names are replaced with the new names referenced above.

 

On or about November 30, 2016, the following changes will be made to the GE Investments Funds, Inc. fund family:

 

The Board of Directors of the GE Investments Funds, Inc. approved a proposed rebranding of the fund company name and each of the underlying portfolios for vote by affected Contract Owners. If approved, on or about November 30, 2016, the fund company name GE Investments Funds, Inc. will be changed to State Street Variable Insurance Series Funds, Inc. and the fund name GE Investments Total Return Fund (Class 3) will be changed to State Street Total Return V.I.S. Fund (Class 3).

 

All references in the Contract Prospectus to the prior names are replaced with the new names referenced above.

 

The Investment Adviser subsection under the YOUR INVESTMENT OPTIONS section is amended to include the following:

 

Ivy Investment Management Company is the investment adviser for Ivy Variable Insurance Portfolios.

 

SSGA Funds Management, Inc. is the investment adviser for State Street Variable Insurance Series Funds, Inc.

 

The second paragraph of the Service Arrangements subsection under the ADDITIONAL INFORMATION section is amended to include the following:

 

Ivy Distributors, Inc. pays us for each Ivy Variable Insurance Portfolio held by our separate accounts. State Street Global Markets, LLC, pays us for each State Street Variable Insurance Series Funds, Inc. portfolio (Class 3) held by our separate accounts.

 

Form No. 4840-16A