497 1 d438262d497.htm 497 497

Supplement dated December 17, 2012 to the Prospectus dated May 1, 2012

for the Destinations, Destinations B and Destinations O-Series variable annuity contracts

issued by Pacific Life Insurance Company

Capitalized terms used in this supplement are defined in the applicable 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 Prospectus dated May 1, 2012, as supplemented.

On or about January 1, 2013, the portfolio manager for the Pacific Select Fund Large-Cap Growth Investment Option will be replaced with BlackRock Investment Management, LLC.

For more information on the manager change, see the Pacific Select Fund prospectus. You can obtain a Pacific Select Fund prospectus and any supplements by contacting your financial advisor or online at www.PacificLife.com/PacificSelectFund.htm.

 

 

 

Form No.: EJSUP1212


Supplement dated December 17, 2012 to the Prospectus dated May 1, 2012 for the

Pacific Destinations O-Series variable annuity contract issued by Pacific Life Insurance Company

Capitalized terms used in this supplement are defined in the 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 Prospectus dated May 1, 2012, as supplemented.

On or about February 1, 2013, the following Investment Options will be available:

 

AMERICAN CENTURY

VARIABLE PORTFOLIOS, INC.

  INVESTMENT GOAL   MANAGER
American Century VP Mid Cap Value Class II   Seeks long-term capital growth. Income is a secondary objective.   American Century Investment Management, Inc.

 

FIDELITY VARIABLE

INSURANCE PRODUCTS FUNDS

  INVESTMENT GOAL   MANAGER

Fidelity VIP Contrafund®

Portfolio Service Class 2

  Seeks long-term capital appreciation.   Fidelity Management & Research Co., Inc.

 

FRANKLIN TEMPLETON

VARIABLE INSURANCE

PRODUCTS TRUST

  INVESTMENT GOAL   MANAGER
Franklin Rising Dividends Securities Fund Class 2   Seeks long-term capital appreciation. Preservation of capital, while not a goal, is also an important consideration.   Franklin Advisory Services, LLC

 

JANUS ASPEN SERIES   INVESTMENT GOAL   MANAGER
Janus Aspen Balanced Portfolio Service Shares   Seeks long-term capital growth, consistent with preservation of capital and balanced by current income.   Janus Capital Management LLC

 

LORD ABBETT

SERIES FUND, INC.

  INVESTMENT GOAL   MANAGER
Lord Abbett Bond Debenture Portfolio Class VC  

Seeks high current income and the

opportunity for capital appreciation to produce a high total return.

  Lord, Abbett & Co. LLC

 

MFS® VARIABLE

INSURANCE TRUST

  INVESTMENT GOAL   MANAGER
MFS® Utilities Series – Service Class   Seeks total return.   Massachusetts Financial Services Company

 

VAN ECK VIP TRUST   INVESTMENT GOAL   MANAGER
Van Eck VIP Global Hard Assets Fund Class S  

Seeks long-term capital appreciation by investing primarily in hard asset

securities. Income is a secondary consideration.

  Van Eck Associates Corporation

For more information on the new Fund portfolios, including a discussion of the investment techniques, charges and expenses, and risks associated with each portfolio’s investments, see the applicable Fund prospectus. You can obtain an applicable Fund prospectus by contacting your financial advisor or online at www.PacificLife.com.


The first paragraph of the Transfers and Market-timing Restrictions subsection of the OVERVIEW section is replaced with the following:

You can transfer among Investment Options any time, subject to certain limitations, until your Annuity Date without paying any current income tax. Transfers are limited to 25 for each calendar year. Only 2 transfers per month may involve the BlackRock Global Allocation V.I. Fund, GE Investments Total Return Fund, International Value, International Small-Cap, International Large-Cap, Emerging Markets, Emerging Markets Debt, First Trust/Dow Jones Dividend & Income Allocation Portfolio, Fidelity VIP FundsManager 60%® Portfolio, Lord Abbett International Core Equity Portfolio, Mutual Global Discovery Securities Fund, Templeton Global Bond Securities Fund or PIMCO Global Multi-Asset Investment Options. In addition, only 2 transfers into or out of each Lord Abbett Bond Debenture, MFS Utilities, or Van Eck Global Hard Assets Investment Option may occur in any calendar month. If you have used all 25 transfers in a calendar year, you may make 1 additional transfer of all or a portion of your Variable Account Value to the Cash Management Investment Option before the start of the next calendar year. You can also make systematic transfers by enrolling in our dollar cost averaging, portfolio rebalancing or earnings sweep programs. Transfers made under these systematic transfer programs or automatic quarterly rebalancing under the Custom Model program are excluded from these limitations. Some restrictions may apply to transfers to or from any fixed option.

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

American Century Investment Management, Inc. is the investment adviser of the American Century Variable Portfolios, Inc.

Franklin Advisory Services, LLC is the investment adviser for the Franklin Rising Dividends Securities Fund. This portfolio is part of the Franklin Templeton Variable Insurance Products Trust.

Strategic Advisers, Inc., an affiliate of Fidelity Management & Research Company, is the investment advisor for the Fidelity VIP FundsManager 60%® Portfolio. Fidelity Management & Research Company is the investment adviser for the Fidelity VIP Contrafund® Portfolio. These portfolios are part of the Fidelity Variable Insurance Products Funds.

Janus Capital Management LLC is the investment adviser of the Janus Aspen Series.

Van Eck Associates Corporation is the investment adviser of the Van Eck VIP Trust.

The first paragraph of the Transfers and Market-timing Restrictions subsection of the HOW YOUR PURCHASE PAYMENTS ARE ALLOCATED section is replaced with the following:

Transfers are allowed 30 days after the Contract Date. Currently, we are not enforcing this restriction but we reserve the right to enforce it in the future. Once your Purchase Payments are allocated to the Investment Options you selected, you may transfer your Account Value less Loan Account Value from any Investment Option to any other Investment Option, except the DCA Plus Fixed Option. Transfers are limited to 25 for each calendar year. Only 2 transfers in any calendar month may involve any of the following Investment Options: BlackRock Global Allocation V.I. Fund, GE Investments Total Return Fund, International Value, International Small-Cap, International Large-Cap, Emerging Markets, Emerging Markets Debt, First Trust/Dow Jones Dividend & Income Allocation Portfolio, Fidelity VIP FundsManager 60%® Portfolio, Lord Abbett International Core Equity Portfolio, Mutual Global Discovery Securities Fund, Templeton Global Bond Securities Fund, or PIMCO Global Multi-Asset. In addition, only 2 transfers into or out of each Lord Abbett Bond Debenture, MFS Utilities, or Van Eck Global Hard Assets Investment Option may occur in any calendar month.

The following portfolio has been added as an allowable Investment Option under the Investment Allocation Requirements subsection in the OPTIONAL LIVING BENEFIT RIDERS section:

Janus Aspen Balanced Portfolio

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

American Century Services, LLC pays us for each American Century Variable Portfolios, Inc. portfolio (Class II) held by our separate accounts. Janus Capital Management LLC, pays us for each Janus Aspen Series portfolio (Service Class) held by our separate accounts. Van Eck Securities Corporation, pays us for each Van Eck VIP Trust portfolio (Class S) held by our separate accounts.

The term Fund under the TERMS USED IN THIS PROSPECTUS section is amended to include the following:

American Century Variable Portfolios, Inc., Janus Aspen Series, and Van Eck VIP Trust.

On or about January 1, 2013, the portfolio manager for the Pacific Select Fund Large-Cap Growth Investment Option will be replaced with BlackRock Investment Management, LLC.

For more information on the manager change, see the Pacific Select Fund prospectus. You can obtain a Pacific Select Fund prospectus and any supplements by contacting your financial advisor or online at www.PacificLife.com/PacificSelectFund.htm.


Supplement dated December 17, 2012 to the Prospectus dated May 1, 2012 for the

Pacific Destinations O-Series variable annuity contract issued by Pacific Life Insurance Company

Capitalized terms used in this supplement are defined in the 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 Prospectus dated May 1, 2012, as supplemented.

The purpose of this supplement is to add additional Investment Options and amend other related disclosure.

On or about February 1, 2013, the following Investment Options will be available:

 

AMERICAN CENTURY

VARIABLE PORTFOLIOS, INC.

  INVESTMENT GOAL   MANAGER
American Century VP Mid Cap Value Class II   Seeks long-term capital growth. Income is a secondary objective.   American Century Investment Management, Inc.

 

FIDELITY VARIABLE

INSURANCE PRODUCTS FUNDS

  INVESTMENT GOAL   MANAGER

Fidelity VIP Contrafund®

Portfolio Service Class 2

  Seeks long-term capital appreciation.   Fidelity Management & Research Co., Inc.

 

FRANKLIN TEMPLETON

VARIABLE INSURANCE

PRODUCTS TRUST

  INVESTMENT GOAL   MANAGER
Franklin Rising Dividends Securities Fund Class 2   Seeks long-term capital appreciation. Preservation of capital, while not a goal, is also an important consideration.   Franklin Advisory Services, LLC

 

JANUS ASPEN SERIES   INVESTMENT GOAL   MANAGER
Janus Aspen Balanced Portfolio Service Shares   Seeks long-term capital growth, consistent with preservation of capital and balanced by current income.   Janus Capital Management LLC

 

LORD ABBETT

SERIES FUND, INC.

  INVESTMENT GOAL   MANAGER
Lord Abbett Bond Debenture Portfolio Class VC  

Seeks high current income and the

opportunity for capital appreciation to produce a high total return.

  Lord, Abbett & Co. LLC

 

MFS® VARIABLE

INSURANCE TRUST

  INVESTMENT GOAL   MANAGER
MFS® Utilities Series – Service Class   Seeks total return.   Massachusetts Financial Services Company

 

VAN ECK VIP TRUST   INVESTMENT GOAL   MANAGER
Van Eck VIP Global Hard Assets Fund Class S  

Seeks long-term capital appreciation by investing primarily in hard asset

securities. Income is a secondary consideration.

  Van Eck Associates Corporation

For more information on the new Fund portfolios, including a discussion of the investment techniques, charges and expenses, and risks associated with each portfolio’s investments, see the applicable Fund prospectus. You can obtain an applicable Fund prospectus by contacting your financial advisor or online at www.PacificLife.com.


The first paragraph of the Transfers and Market-timing Restrictions subsection of the OVERVIEW section is replaced with the following:

You can transfer among Investment Options any time, subject to certain limitations, until your Annuity Date without paying any current income tax. Transfers are limited to 25 for each calendar year. Only 2 transfers per month may involve the BlackRock Global Allocation V.I. Fund, GE Investments Total Return Fund, International Value, International Small-Cap, International Large-Cap, Emerging Markets, Emerging Markets Debt, First Trust/Dow Jones Dividend & Income Allocation Portfolio, Fidelity VIP FundsManager 60%® Portfolio, Lord Abbett International Core Equity Portfolio, Mutual Global Discovery Securities Fund, Templeton Global Bond Securities Fund or PIMCO Global Multi-Asset Investment Options. In addition, only 2 transfers into or out of each Lord Abbett Bond Debenture, MFS Utilities, or Van Eck Global Hard Assets Investment Option may occur in any calendar month. If you have used all 25 transfers in a calendar year, you may make 1 additional transfer of all or a portion of your Variable Account Value to the Cash Management Investment Option before the start of the next calendar year. You can also make systematic transfers by enrolling in our dollar cost averaging, portfolio rebalancing or earnings sweep programs. Transfers made under these systematic transfer programs or automatic quarterly rebalancing under the Custom Model program are excluded from these limitations. Some restrictions may apply to transfers to or from any fixed option.

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

American Century Investment Management, Inc. is the investment adviser of the American Century Variable Portfolios, Inc.

Franklin Advisory Services, LLC is the investment adviser for the Franklin Rising Dividends Securities Fund. This portfolio is part of the Franklin Templeton Variable Insurance Products Trust.

Strategic Advisers, Inc., an affiliate of Fidelity Management & Research Company, is the investment advisor for the Fidelity VIP FundsManager 60%® Portfolio. Fidelity Management & Research Company is the investment adviser for the Fidelity VIP Contrafund® Portfolio. These portfolios are part of the Fidelity Variable Insurance Products Funds.

Janus Capital Management LLC is the investment adviser of the Janus Aspen Series.

Van Eck Associates Corporation is the investment adviser of the Van Eck VIP Trust.

The first paragraph of the Transfers and Market-timing Restrictions subsection of the HOW YOUR PURCHASE PAYMENTS ARE ALLOCATED section is replaced with the following:

Transfers are allowed 30 days after the Contract Date. Currently, we are not enforcing this restriction but we reserve the right to enforce it in the future. Once your Purchase Payments are allocated to the Investment Options you selected, you may transfer your Account Value less Loan Account Value from any Investment Option to any other Investment Option, except the DCA Plus Fixed Option. Transfers are limited to 25 for each calendar year. Only 2 transfers in any calendar month may involve any of the following Investment Options: BlackRock Global Allocation V.I. Fund, GE Investments Total Return Fund, International Value, International Small-Cap, International Large-Cap, Emerging Markets, Emerging Markets Debt, First Trust/Dow Jones Dividend & Income Allocation Portfolio, Fidelity VIP FundsManager 60%® Portfolio, Lord Abbett International Core Equity Portfolio, Mutual Global Discovery Securities Fund, Templeton Global Bond Securities Fund, or PIMCO Global Multi-Asset. In addition, only 2 transfers into or out of each Lord Abbett Bond Debenture, MFS Utilities, or Van Eck Global Hard Assets Investment Option may occur in any calendar month.

The following portfolio has been added as an allowable Investment Option under the Investment Allocation Requirements subsection in the OPTIONAL LIVING BENEFIT RIDERS section:

Janus Aspen Balanced Portfolio

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

American Century Services, LLC pays us for each American Century Variable Portfolios, Inc. portfolio (Class II) held by our separate accounts. Janus Capital Management LLC, pays us for each Janus Aspen Series portfolio (Service Class) held by our separate accounts. Van Eck Securities Corporation, pays us for each Van Eck VIP Trust portfolio (Class S) held by our separate accounts.

The term Fund under the TERMS USED IN THIS PROSPECTUS section is amended to include the following:

American Century Variable Portfolios, Inc., Janus Aspen Series, and Van Eck VIP Trust.