497 1 a20-19528_5497.htm 497

 

Supplement dated May 15, 2020 to your Prospectus dated May 1, 2020, for

the Pacific Choice Variable Annuity, Pacific Odyssey (on or after October 1, 2013), and Pacific Journey Select (on or after October 1, 2013) variable annuity contracts issued by Pacific Life Insurance Company

 

This supplement must be preceded or accompanied by the Prospectus for your Contract, as supplemented (the “Prospectus”). All information on your Prospectus dated May 1, 2020, remains in effect unless otherwise supplemented. Capitalized terms used in this supplement are defined in your Prospectus unless otherwise defined herein. ‘‘We,’’ ‘‘us,’’ or ‘‘our’’ refer to Pacific Life Insurance Company; ‘‘you’’ or ‘‘your’’ refer to the Contract Owner. You can obtain a copy of the current Prospectus by contacting us at (800) 722-4448, or online at www.PacificLife.com. Please retain it for future reference.

 

The comparison table of guaranteed minimum withdrawal benefit rider features in the Optional Living Benefit Riders – Guaranteed Minimum Withdrawal Benefit subsection is deleted and replaced with the following:

 

 

Core Protect Plus

 

(Single or Joint)

Enhanced Income
Select

 

(Single or Joint)

CIA Select

(Single or Joint)

 

Purchase

At Contract issue or within 60 calendar days of the Contract issue date

At Contract issue or on any Contract Anniversary

At Contract issue or on any Contract Anniversary

 

Investment Option Limitations

YES – Contract Value must be allocated according to the Investment Allocation Requirements described below.

YES – Contract Value must be allocated according to the Investment Allocation Requirements described below.

YES – Contract Value must be allocated according to the Investment Allocation Requirements described below.

 

Maximum Issue Age

 

85 or younger

85 or younger

85 or younger

 

Lifetime Withdrawals

 

YES

YES

YES

 

Age Lifetime Withdrawals Begin

 

65

59½

65

 

Annual Credit

 

YES

NO

NO

 

Guaranteed Withdrawal Percentage

See Rate Sheet Supplement applicable to your Contract

Before Age 59½

0%

 

Ages 59½ to 64

(Contract Value greater than 0)

4.6% (Single)

4.1% (Joint)

 

Ages 65 to 69

(Contract Value greater than 0)

6.6% (Single)

6.1% (Joint)

 

Ages 70 to 74

(Contract Value greater than 0)

Before Age 65

0%

 

Ages 65 and Older

5.0% for life (Single)

4.5% for life (Joint)

 

 


 

 

Core Protect Plus

(Single or Joint)

Enhanced Income
Select

(Single or Joint)

CIA Select

(Single or Joint)

 

 

 

7.0% (Single)

6.5% (Joint)

 

Ages 75 to 79

(Contract Value greater than 0)

7.0% (Single)

6.5% (Joint)

 

Ages 80 and Older

(Contract Value greater than 0)

7.0% (Single)

6.5% (Joint)

 

If Contract Value goes to zero

2.75% for life (Single)

2.75% for life (Joint)

 

 

Resets

YES – Automatic

YES – Automatic or Owner-Elected

YES – Automatic