Pacific Prime VULFlexible Premium Variable Universal Life Insurance

Pacific Life Insurance Company

Policy Form #P11P1V or ICC11 P11P1V. Form number based on state in which policy is issued.PPVUL-1D

Help Protect and Grow

Pacific Prime VUL Help Protect and Grow, made easy

Time. Your most precious commodity. You’ve got your hands full juggling the responsibilities of career and family. You do well if you manage to plan for retirement. But focus exclusively on building your retirement assets and you may forget to protect what you’ve built. Should you suddenly pass away, your loved ones could be left financially vulnerable.

Pacific Prime VUL Can Help

You can protect your loved ones and enjoy cash value growth potential in one powerful product: Pacific Prime VUL1 variable universal life insurance. its tax-free* death benefit provides financial protection. its accumulated value (cash value) and investment options give you a range choices for tax-deferred growth potential. You can simplify your allocation approach with the convenience of 20 asset allocation investment options† or “create your own allocation” from 87 professionally managed investment options.

With Pacific Prime VUL, you don’t have to be an investment professional to allocate like one. And you don’t have to be a superhero to protect your family. in short, Pacific Prime VUL lets you do more with your limited time.

* For federal income tax purposes, life insurance death benefits generally pay income tax-free to beneficiaries pursuant to IRC Section 101(a)(1). In certain situations, however, life insurance death benefits may be partially or wholly taxable. Situations include, but are not limited to: the transfer of a life insurance policy for valuable consideration unless the transfer qualifies for an exception under IRC Section 101(a)(2) (i.e. the transfer-for-value rule); arrangements that lack an insurable interest based on state law; and an employer-owned policy unless the policy qualifies for an exception under IRC Section 101(j).

† Asset allocation is the process of distributing investments among varying classes of investments (e.g., stocks and bonds). It does not guarantee future results, assure a profit, or protect against loss.

‡ Tax-free income assumes, among other things: (1) withdrawals do not exceed tax basis (generally, premiums paid less prior withdrawals); (2) policy remains in force until death; (3) withdrawals taken during the first 15 policy years do not occur at the time of, or during the two years prior to, any reduction in benefits; and (4) the policy does not become a modified endowment contract. See IRC Sections 72, 7702(f)(7)(B), 7702A. Any policy withdrawals, loans and loan interest will reduce policy values and may reduce benefits.

Investment and Insurance Products: Not a Deposit — Not FDIC Insured — Not Insured by any Federal Government Agency — No Bank Guarantee — May Lose Value

Endnotes on page 18.

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Protect Your Family—Now and Later

Help protect your family’s standard of living with a death benefit they’ll receive income tax-free.* Choose a life insurance coverage amount based on your current needs and if your needs later change, you can increase or decrease your coverage, within policy limits.2

Add Another retirement Asset with Tax-Deferred Growth

Your policy’s cash value may grow tax-deferred. To help you allocate your net premiums and cash value, work with your life insurance producer and choose among Pacific Prime VUL’s 85 professionally managed variable investment options and 2 Fixed Options. For simplicity and convenience, consider a ready-made asset allocation investment option (see below).

Boost Your income Potential

You can help supplement your income with tax-free‡ loans and withdrawals from your policy’s cash value. Pacific Prime VUL offers options to both automate your income stream and help protect your policy from lapse at the end of your income-drawing years, for added convenience. See page 11 for details.

it Can Be as easy as 1 - 2 - 3.

1 3

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Convenience of Asset Allocation Portfolios

if time or expertise is of concern, you can look to 20 different asset allocation investment options for help in diversifying your policy’s cash value. Your life insurance producer can help you decide which best aligns with your insurance needs and investment objectives. Choosing among them can be as easy as A - B - C.

A. Choose Your Timeline... See page 3.

B. Choose Your Risk Profile... See page 5.

C. Choose Your Objective... See page 7.

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e Target-date portfolios, also called lifecycle portfolios, are gradually reallocated from their current asset allocation mix to a more conservative mix as their target date approaches and passes.

e Not just for retirement, any future need best met through a conservative, income-oriented allocation may be well served with a Fidelity® ViP Freedom Fund.

e Designed to be maintenance-free, you should still review your target-date portfolio periodically to ensure it is still on target to help you meet your goals.

Choose Your TimelineEight Target-Date Portfolios Offer Simplicity and Ease

A

20 Asset Allocation Portfolios—Diversification in an instant

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The pie charts illustrate each VIP Freedom Funds’ approximate target asset allocation among equity, bond, and short-term funds as of 12/31/2012. Due to rounding and/or cash balances, asset allocations shown above may not equal 100%. The chart immediately above illustrates how these allocations may change over time and is current as of 12/31/2012. The VIP Freedom Funds’ target asset allocations may differ from this illustration. This chart is not intended to represent current or future allocations in any Portfolio. The portfolio manager will periodically rebalance the portfolios as market conditions and the funds’ performance weightings change. Strategic Advisers,® Inc., reserves the right to modify the target asset allocation strategy of any Portfolio and may modify the selection of Fidelity VIP Portfolios for any Portfolio from time to time. The VIP Freedom Portfolios are subject to the risks of their underlying portfolios, including the volatility of the financial markets in the U.S. and abroad, as well as the additional risks associated with investing in high yield, small-cap, and foreign securities. Principal invested in the portfolios is not guaranteed at any time, including at the target date.

Short TermFunds

International EquityDebt

Domestic Equity

0

20

40

60

80

100

0%

20%

40%

60%

80%

100%

35 30 25 20 15 10 5 Target Date

-5 -20

20352030Income 2010 2020 2025

14%6%

40%

35%13%39%

40%15%38%

49%19%32%

51%20%29%

40% 12% 6%

2015

36%14%40%10% 1% 0%

2045

59%23%18%

61%23%16%

0% 0%

The chart below demonstrates the dynamic roll-down process that changes each fund’s allocation over time until it mirrors the Fidelity ViP Freedom income Portfolio approximately 20 years past each fund’s target date.

Target Allocations—Fidelity ViP Freedom Funds by Target Date

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Choose Your risk ProfileRisk-Based Portfolios Offer Optimized Earnings Potential

B

Portfolio Optimization Portfolios

e A series of asset allocation portfolios formed as “fund-of-funds,” using eligible investment options available in Pacific Prime VUL.**

e Target allocations (below) based on the Nobel Prize-Winning modern Portfolio Theory,3 which seeks to optimize the blend of asset classes to achieve the highest return for the stated risk-level over the long-term.

e managed by Pacific Life Fund Advisors LLC4 using research from ibbotson Associates, inc. (ibbotson).

80%

ConservativeModerate-

Conservative Moderate GrowthAggressive-

Growth

20% 40%60%

55%45%

75%25%

90%10%

Equity

Legend

Debt

The Portfolio Optimization portfolios are monitored to help maintain the asset mix according to the risk and return expectations.

Current as of May 2013, as shown.

** Fund-of-funds are subject to the risks associated with the underlying funds in which they invest. They also involve direct expenses for each fund and indirect expenses for the underlying funds, which together can be higher than expenses incurred when investing directly in an underlying fund.

†† The performance of index portfolios, whose investments track an index, may vary substantially from the performance of the portfolio’s benchmark index due to imper-fect correlation between the portfolio’s investments and the index.

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Pacific Dynamix Portfolios

e A series of asset allocation portfolios formed as “fund-of-funds” that seek to optimize return for the given level of risk.**

e invest in index-oriented portfolios†† that typically feature lower fees and lower turnover for lower trading costs, which means these portfolios may serve as a cost effective way to build a core position in stocks and bonds.

e managed by Pacific Life Fund Advisors LLC.

Conservative Growth Moderate Growth Growth

40%60%

60%40%

80%20%

Equity

Legend

Debt

Underlying investment Portfolios exclusively for Pacific Dynamix

The Pacific Dynamix Portfolios may contain the following index-oriented funds;†† otherwise not available in Pacific Prime VUL:e PD Large-Cap Value index (Blackrock) e PD Aggregate Bond index (State Street Global Advisors)e PD Large-Cap Growth index (Blackrock) e PD High Yield Bond market (State Street Global Advisors)e PD Small-Cap Value index (Blackrock)e PD Small-Cap Growth index (Blackrock)e PD international Large-Cap (Dimensional)e PD emerging markets (Dimensional)

Current as of May 2013, as shown.

Refer to the Pacific Select Fund prospectus for more information regarding the Pacific Dynamix or Portfolio Optimization portfolios.

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Choose Your ObjectiveAsset Allocations that Balance Discipline with Opportunity

C

each of the following four investment options provide an asset allocation strategy and a long-term discipline to tactically adjust asset class weighting—designed to be well positioned to take advantage of current market opportunities.

American Funds® Asset Allocation (Capital Research)5

e moderate risk, value-oriented domestic asset allocation strategy.

e Comprised primarily of U.S. stocks for growth, investment grade and high-yield bonds for income, and cash equivalents for capital preservation.

BlackRock® Global Allocation V.I. IIIe Value-oriented, global, flexible asset allocation strategy

focused on total return.e Typically holds more than 700 equity and fixed

income securities across size, industry, geography, and credit quality.

GE Investments Total Return Class 3e Seeks long-term appreciation of a globally diversified

portfolio.e managed by the same team that oversees General

electric’s pension plan, one of the most successful U.S. pension plans with no further plan contributions received since 1987 to help keep it going.‡‡

e Tactically adjusts its allocations based on relative attractiveness of each asset class and considers changes to the current allocations are considered 10 to 12 times a year.

PIMCO VIT Global Multi-Asset Portfolio – Advisor Classe Seeks to outperform a hypothetical benchmark portfolio

of 60% mSCi World index and 40% Barclays Capital U.S. Aggregate index.

e Allocated by risk factor and uses tail-risk hedging, a strategy that seeks to avoid the financial impact of potentially severe geopolitical events.

e Comprised of global equities, global bonds, commodities, and real estate.

‡‡ Investors can expect the GE Investments Total Return Fund’s (the Fund) asset allocation, performance, and portfolio holdings to differ in material respects from those of GE’s Pension Plan due to the fact that the pension plan invests in certain asset classes and strategies, and has benefited from certain expense reimbursements, not available to or different from those utilized by the Fund.

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Choose Your Own mixInvestment Options to Cover Any Asset Class and Investment Objective

D

in addition to the asset allocation investment options, you may choose any of the following plus 2 Fixed Options. Choose just one, a handful, or any combination of investment options. With Pacific Prime VUL, your choices abound.

VALUe BLeND GrOWTH

LArGe-CAP

• BlackRock Basic Value V.I. III• Comstock (Invesco)• Large-Cap Value (ClearBridge)• T. Rowe Price Equity Income-II• Value Advantage (J.P. Morgan)

• American Funds Growth-Income8

• Dreyfus VIF Appreciation Service Shares

• Equity Index (BlackRock)• Fidelity VIP Contrafund®

Service Class 2• Lazard Retirement

U.S. Strategic Equity• Lord Abbett Series Fund

Fundamental Equity VC• Main Street® Core

(OppenheimerFunds)

• American Funds Growth8

• Dividend Growth (T. Rowe Price)

• Fidelity VIP Growth Service Class 2

• Focused 30 (Janus) • Growth (MFS®)• ClearBridge Variable Aggressive

Growth Cl II• Large-Cap Growth (BlackRock)• Neuberger Berman AMT

Socially Responsive – I Class• T. Rowe Price Blue Chip

Growth-II

miD-CAP

• American Century VP Mid Cap Value II

• Mid-Cap Value (BlackRock Capital)

• Fidelity VIP Value Strategies Service Class 2

• ClearBridge Variable Mid Cap Core Cl II

• Mid-Cap Equity (Scout)

• Fidelity VIP Mid Cap Service Class 2

• Janus Aspen Enterprise Service Shares

• Mid-Cap Growth (Morgan Stanley)

SmALL-CAP

• Small-Cap Value (NFJ) • Royce Capital Fund – Micro-Cap Service Class

• Small-Cap Equity (Franklin/BlackRock)

• Small-Cap Index (BlackRock)

• Lord Abbett Series Fund Developing Growth VC

• MFS VIT New Discovery Series Service Class

• Small-Cap Growth (Alger)

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iNTerNATiONAL & emerGiNG mArKeTS FiXeD iNCOme SeCTOr

• International Large-Cap (MFS)• International Small-Cap (Batterymarch)• International Value (J.P. Morgan)• Invesco V.I. International Growth II• Janus Aspen Overseas Service Shares• Oppenheimer Global Fund/VA

Service Shares• Templeton Foreign Securities Class 2• Emerging Markets

(OppenheimerFunds)• Emerging Markets Debt (Ashmore)

• Diversified Bond (Western Asset)• Floating Rate Income

(Pacific Asset Management)7

• Floating Rate Loan (Eaton Vance)• High Yield Bond

(Pacific Asset Management)7

• Inflation Managed (PIMCO)• Inflation Protected (Western Asset)• Lord Abbett Series Fund

Total Return VC• Managed Bond (PIMCO)• Short Duration Bond (T. Rowe Price)• Templeton Global Bond Securities

Class 2

• Health Sciences (Jennison)• MFS VIT Utilities Series Service Class• Real Estate (Morgan Stanley)• Technology (Columbia)

mONeY mArKeT ALTerNATiVe

• Cash Management (Pacific Asset Management)7

• Currency Strategies (UBS Global AM)• Global Absolute Return (Eaton Vance)• Long/Short Large-Cap (J.P. Morgan)

• Precious Metals (Wells Capital)• Van Eck VIP Global Hard Assets Initial

Class

Investment styles and categories based on Morningstar Direct as of 12/31/2012. Variable investment options current as of 5/1/2013. Although some variable investment options may have names or investment goals/objectives that resemble retail mutual funds managed by the same portfolio manager, these portfolios will not have the same underlying holdings or performance as the retail mutual funds.

9

Keep in mind, every variable investment option has some degree of risk depending on what it invests in and what strategies it uses. While all variable investment options are subject to market risk, some investment options may be subject to greater volatility than others. The variable investment options are not FDIC insured or guaranteed. Before investing you should carefully read the applicable fund prospectuses for the risks associated with each investment option. See page 16 for a summary of some of these risks.

Plus, the Stability of 2 Fixed Options

As part of Pacific Life insurance Company’s general account, Pacific Prime VUL’s Fixed Options are backed by the company’s financial strength and claims-paying ability. They are guaranteed to credit interest no less than 2.5% annually and may credit a higher rate at Pacific Life insurance Company’s discretion. if the current interest rate is higher than the guaranteed rate, then the higher rate will be guaranteed until the next policy anniversary.

Fixed Account Fixed LT Account

• Credits a Current Interest Rate.• Guarantees Minimum Annual Interest Rate: 2.5%.• May take up to 4 years to completely reallocate from

Fixed Account to variable investment options, due to transfer rules. See prospectus for details.

• Credits higher Current Interest Rate than the Fixed Account.• Guarantees Minimum Annual Interest Rate: 2.5%.• May take up to 10 years to completely reallocate from

Fixed LT Account to variable investment options, due to transfer rules. See prospectus for details.

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Your policy’s cash value accumulates tax-deferred. if the time comes to supplement your income, you can benefit from tax-free‡ withdrawals and loans from your policy’s available cash value.

Tax-Deferred Growth to Tax-Free‡ income

Withdrawals:

e Tax-free‡ amounts up to sum of premiums paid.

e Available after first policy year.

e $25 fee for each withdrawal (currently waived).

e minimum Amount: $200.

e maximum Amount: Cash value minus outstanding policy loan debt, $500, and any applicable surrender charges.

Loans:

e Generally tax-free.‡

e minimum Amount: $200 (in most states).

e maximum Amount: Cash value minus outstanding policy loan debt, any applicable surrender charge, and 3 times the most recent monthly deductions.

e Loan interest rate charged is offset by interest rate credited. See chart below.

Policy YearAnnual Loan

interest ChargedAnnual Loan

interest CreditedAnnual Loan

Net Cost

All Policy Years (guaranteed) 2.75% 2.50% 0.25%

Policy Years 6+ (current) 2.75% 2.75% 0.00%

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income Tools:

Automated Income Option—Optional service that helps structure a recurring income stream from policy loans and withdrawals. You may choose to have these policy distributions electronically deposited into your savings or checking account for automated convenience.

Overloan Protection II Rider (Form #R08OLP)6,7—if you plan on taking distributions from your policy, this optional rider can help you protect against policy lapse in later years, after you have stopped receiving tax-free‡ loans. There is a one-time rider exercise charge and there are eligibility requirements to both qualify for and exercise the rider. See your prospectus for details.

‡ Tax-free income assumes, among other things: (1) withdrawals do not exceed tax basis (generally, premiums paid less prior withdrawals); (2) policy remains in force until death; (3) withdrawals taken during the first 15 policy years do not occur at the time of, or during the two years prior to, any reduction in benefits; and (4) the policy does not become a modified endowment contract. See IRC Sections 72, 7702(f)(7)(B), 7702A. Any policy withdrawals, loans and loan inter-est will reduce policy values and may reduce benefits.

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Stay invested, Stay Focused with Automated Services

4 automated services to help you keep your policy on target to your objectives. These services are excluded from the policy’s normal 25 per year transfer restrictions (see prospectus for more details).

Dollar Cost Averaging§§—ease into your asset allocation strategy from one variable investment option into one or more variable investment options on a monthly, quarterly, semi-annual, or annual basis. Doing so can help you shift your allocation gradually and may lower the average per unit cost of variable investment options because you will be able to buy more units when prices drop and fewer units when prices rise.

First Year Transfer Program—ease into the market over your first policy year while earning at least the Fixed Account’s interest crediting rate on its remaining balance. With this program, you may make up to 12 monthly transfers from the Fixed Account to your choice of variable investment options or the Fixed LT Account over your first policy year.

Fixed Option Interest Sweep—increase earnings growth potential by automatically transferring the interest earned from either the Fixed Account or Fixed LT Account ($50 minimum) on an annual, semi-annual, quarterly, or monthly basis to your choice of variable investments options.

Automatic Portfolio Rebalancing§§—Knowing when to reallocate your policy’s cash value back to your target allocations is not easy. This service automatically rebalances your policy’s cash value, excluding Fixed Options, back to the premium allocation percentages you have put in place on an annual, semi-annual, or quarterly basis.

§§ Automatic Portfolio Rebalancing and Dollar Cost Averaging may not be used simultaneously. Dollar Cost Averaging does not assure a profit nor protect against losses in any market and requires ongoing investing in securities, regardless of price fluctuation. Carefully consider your financial ability to continue to use this service during declining markets.

1

2

3

4

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As an added bonus, your policy’s cash value is eligible to receive a persistency credit beginning in policy year 6. The credit is added to your cash value and is based on your average unloaned policy cash value. The credit percentage will increase over time as shown.

Benefits for Long-Term investing

Policy YearAnnual Credit

(based on average unloaned cash value)

6–15 +0.20%

16–20 +0.35%

21+ +0.50%This credit is applied, not guaranteed, and may be discontinued at any time.

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Customize Your Policy’s Benefits

Help protect your family with a death benefit they’ll receive income tax-free.* Choose a life insurance coverage amount based on your current needs and if your needs later change, you can increase or decrease your coverage, within policy limits.2 Additionally, you can choose one of three Death Benefit Options:

e A (Level)—Death benefit is equal to the policy’s Face Amount.

e B (Increasing)—Death benefit is equal to the policy’s Face Amount plus the cash value.

e C (Return of Premium)—Death benefit is equal to the policy’s Face Amount plus all premiums paid, minus the sum of all withdrawals.***

Pacific Prime VUL offers optional riders6 that can help expand the benefits and protection provided through your policy.

e Accelerated Living Benefit Rider (Form #R92-ABR)8—if the primary insured is diagnosed as terminally ill (6 months or fewer to live), a portion of the death benefit will be made available for the policyowner to use in his/her lifetime.

e Annual Renewable Term Rider–Additional Insured (Form #R08RTA)—Add term life insurance coverage on any member of your immediate family.

e Waiver of Charges (Form #R08WC)—Helps keep death benefit coverage in place by waiving all policy charges if the primary insured is diagnosed with a total disability prior to age 60. Benefit takes effect after a three-month qualifying period.

* For federal income tax purposes, life insurance death benefits generally pay income tax-free to beneficiaries pursuant to IRC Section 101(a)(1). In certain situations, however, life insurance death benefits may be partially or wholly taxable. Situations include, but are not limited to: the transfer of a life insurance policy for valuable consideration unless the transfer qualifies for an exception under IRC Section 101(a)(2) (i.e. the transfer-for-value rule); arrangements that lack an insurable interest based on state law; and an employer-owned policy unless the policy qualifies for an exception under IRC Section 101(j).

*** The maximum issue age for Death Benefit Option C is 80. The maximum Death Benefit calculated will not exceed the amount shown in the Policy Specifications as the “Option C Death Benefit Limit” except as described in the Death Benefit Qualification Test, Tax Qualification as Life Insurance, and Modified Endowment Contract Tax Status sections of the Policy unless a greater amount is necessary to satisfy the IRC Section 7702 Minimum Death Benefit requirements or to avoid classification as a Modified Endowment Contract under IRC Section 7702A without your consent.

The following charges are deducted from the investment option of your choice on a monthly basis to help pay for the costs of administering and maintaining your policy.†††

e Administrative Charge: monthly charge of $7.50 assessed through insured’s age 120.

e Asset Charge: Assessed monthly based on the unloaned cash value. The annual asset charge percentage is 0.45% of the first $25,000 of unloaned cash value, plus 0.05% of the unloaned cash value over $25,000.

e Coverage Charge: monthly charge to help cover the costs of distributing the policy. A monthly rate per $1,000 of the face amount is currently assessed during first 10 coverage years (assessed through insured’s age 120, guaranteed). The Coverage Charge is calculated based on the initial coverage face amount and will not be readjusted for face amount decreases. However, the Coverage Charge will increase for requested face amount increases.

e Cost of Insurance (COI) Charge: A rate per $1,000 multiplied by the Net Amount at risk (death benefit minus policy’s cash value), assessed monthly through age 120.

e Premium Load: A charge deducted from each premium payment prior to allocation to investment options. Current: 5.95%. if policy is owned in a qualified plan: 4.45%. Guaranteed not to be higher than: 6.95%.

e Rider Charges: Cost of any optional riders you add to your policy. See prospectus for details.

e Surrender Charge: An amount deducted from the cash value if a policy is surrendered within the first 10 policy years. New surrender charge applies for each underwritten increase in face amount.

††† Policy charges will reduce the policy’s effective rate of return. With respect to the interest credited to the Accumulated Value from the fixed or indexed options, applicable policy charges may exceed interest credited, and may reduce the accumulated value.

Policy Charges

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About risksThe risks disclosed below are intended only to illustrate certain principal risks of the variable investment options and are not intended to be complete or exhaustive. Before investing you should carefully read the applicable fund prospectuses.

Asset allocation is the process of distributing investments among varying classes of investments (e.g., stocks and bonds). it does not guarantee future results, assure a profit, or protect against loss.

The Cash Management Portfolio is not FDiC insured or guaranteed. Unlike many money market funds, the Cash management Portfolio is not managed to maintain a constant net asset value (NAV) per share; instead, the NAV for this portfolio changes with the value of its investments.

Currency exposure subjects a portfolio to changes in the rates of exchange between currencies, which may result in increased volatility.

Derivatives can be complex instruments that may experience sudden changes in price and liquidity, may be difficult to value, sell or unwind and may be leveraged, which can cause very large swings in value.

Emerging market securities tend to be more volatile and less liquid than those in developed countries.

Portfolios with fewer securities may be subject to greater price volatility.

Floating rate loans involve risk of default on interest and principal payments or price changes due to changes in credit quality of the issuer. The value can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

investments in foreign markets are subject to currency fluctuations, political changes and less liquidity than U.S. investments.

Forward commitments, which are securities whose terms are defined or scheduled to settle on a future date, are subject to risk of default or bankruptcy of the counterparty. if the counterparty fails to honor its obligations, the portfolio may miss an advantageous investment opportunity.

Fund-of-funds are subject to the risks associated with the underlying funds in which they invest. They also involve direct expenses for each fund and indirect expenses for the underlying funds, which together can be higher than expenses incurred when investing directly in an underlying fund.

High yield bonds also known as “junk bonds”) have greater credit risk than higher quality bonds. interest rate changes may cause the value of debt securities to fluctuate.

The performance of index portfolios, whose investments track an index, may vary substantially from the performance of the portfolio’s benchmark index due to imperfect correlation between the portfolio’s investments and the index.

Leverage can increase market exposure and may subject a portfolio to a loss far greater than the principal amount invested.

A non-diversified portfolio may invest a greater percentage of its assets in a single issuer than a diversified portfolio thereby increasing its volatility.

Non-traditional or alternative investment performance may be correlated with traditional equity and fixed income investments over short or longer term periods, resulting in a lessened diversification effect and increased volatility from including such a portfolio as part of an asset allocation strategy.

Companies engaged in precious metals-related activities may be adversely affected by drops in the prices of the precious metals themselves, which prices can be volatile.

Sector and concentrated portfolios, which invest significantly in an industry or sector, or geographically concentrated portfolios, which invest significantly in a single or limited number of countries or particular geographic region, may be subject to greater price volatility.

Short positions, whether taken through a derivative instrument or by conducting a short sale, pose a risk because they lose value as the security’s or reference asset’s price increases; therefore, the loss on a short position is theoretically unlimited. Leverage can increase market exposure and magnify investment risk.

Generally, stocks of small-cap and mid-cap companies may be riskier and more volatile than those of larger, more established companies.

Socially responsive portfolios could underperform similar funds that do not have a social policy. Among the reasons for this are: undervalued stocks that do not meet the social criteria could outperform those that do, economic or political changes could make certain companies less attractive for investment, and the social policy could cause the Fund to sell or avoid stocks that subsequently perform well.

Pacific Life—The Power to Help You Succeed

Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life also counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit Pacific Life online at www.PacificLife.com.

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of May 2012 is compiled by Pacific Life using the 2012 FORTUNE 500® list.

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1 Pacific PRIME VUL (Policy Form #P11P1V or ICC11 P11P1V). Form number based on state in which policy is issued.

2 After policy issue, you may increase or decrease your coverage amounts, within certain limits. Decreases are allowed after the first policy year. Each increase must be at least $25,000 and your total death benefit after all decreases may not be less than $1,000. Policy charges and premiums may be affected. See your policy for additional details.

3 Harry Markowitz developed the Modern Portfolio Theory, which earned him the 1990 Nobel Prize in Economics. Markowitz’s theory proposed that different asset classes react differently to the same market cycles so by finding the optimal balance of assets, earnings efficiency could be optimized thereby providing the highest possible expected return for any given risk level.

4 Pacific Life Fund Advisors LLC (PLFA), the investment adviser to the Pacific Select Fund (PSF) and the manager of certain PSF portfolios, also does business under the name Pacific Asset Management and manages certain PSF portfolios under that name.

5 The American Funds Asset Allocation, American Funds Growth-Income, and American Funds Growth Portfolios of the Pacific Select Fund invest their assets in American Funds Insurance Series Asset Allocation Fund, Growth-Income Fund, and Growth Fund, respectively (each a Master Fund). Capital Research and Management Company is the investment adviser to each Master Fund.

6 Riders will likely incur additional charges and are subject to availability, restrictions and limitations. When considering a rider, request a policy illustration from your life insurance producer to see the rider’s impact on your policy’s values.

7 The potential tax consequences of the Overloan Protection II Rider have not specifically been ruled on by the IRS or courts. Clients should consult their tax advisors.

8 The cost of exercising the rider is that the death benefit is reduced by an amount greater than the rider benefit payment itself to reflect the early payment of the death benefit. Rider benefit payments will reduce the death benefit, cash surrender value, and any policy debt. Additionally, rider benefit payments may adversely affect the benefits under other riders. Benefits paid by accelerating the policy’s death benefit may or may not qualify for favorable tax treatment under Section 101(g) of the Internal Revenue Code of 1986. Tax treatment of an accelerated death benefit may depend on factors such as life expectancy at the time benefits are accelerated, the amount of benefits, the amount of qualified expenses incurred, or if similar benefits are being received under other contracts. Tax laws relating to accelerated death benefits are complex. Receipt of accelerated death benefits may affect eligibility for public assistance programs such as Medicaid. Clients are advised to consult with qualified and independent legal and tax advisors for more information.

endnotes

Variable Universal Life Insurance generally requires additional premium payments after the initial premium. If either no premiums are paid, or subsequent premiums are

insufficient to continue coverage, it is possible that coverage will expire.

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Pacific Life Insurance Company Newport Beach, CA

(800) 800-7681 • www.PacificLife.com

Pacific Life Insurance Company is licensed to issue insurance products in all states except New York. Product availability and features may vary by state. Insurance products and their guarantees, including optional benefits and any fixed subaccount crediting rates, are backed by the financial strength and

claims-paying ability of the issuing insurance company, but they do not protect the value of the variable investment options. Look to the strength of the life insurance company with regard to such guarantees as these guarantees are not backed by the broker-dealer, insurance agency or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company. Variable insurance products and shares of Pacific Select Fund are distributed by Pacific Select Distributors, Inc. (member FINRA

& SIPC), a subsidiary of Pacific Life Insurance Company, and are available through licensed third-party broker-dealers.

Non-guaranteed elements are not guaranteed by definition. As such, Pacific Life Insurance Company reserves the right to change or modify any non-guaranteed element. This right to change non-guaranteed elements is not limited to a specific time or reason.

Pacific Life Insurance Company’s individual life insurance products are marketed exclusively through independent third-party life insurance producers, which may include bank affiliated entities. Some of these selling entities may limit availability of some optional riders based on their client’s age and other

factors. Your life insurance producer can help you determine which optional riders are available and appropriate for you.

This material must be preceded or accompanied by the currently effective product and underlying funds prospectuses. These prospectuses contain more complete information about Pacific Life and a life insurance product’s risks, charges, limitations, and expenses, as well as the risks, charges, expenses and investment goals/objectives of the underlying investment options. Read them carefully before investing or sending money.

American Century Investment Services, Inc., BlackRock Investments, LLC, Fidelity Distributors Corporation, Franklin Templeton Distributors, Inc., GE Investment Distributors, Inc., Invesco Distributors, Inc., Janus Distributors LLC, Lazard Asset Management Securities LLC, Legg Mason Investor

Services, LLC, Lord Abbett Distributor LLC, MBSC Securities Corporation, MFS Fund Distributors, Inc., Neuberger Berman Management LLC, OppenheimerFunds Distributor, Inc., PIMCO Investments LLC, Royce Fund Services, Inc., T. Rowe Price Investment Services, Inc., and Van Eck

Securities Corporation, and the products each distributes, are not affiliated with Pacific Life Insurance Company and Pacific Select Distributors, Inc.

All American Funds trademarks referenced in this publication are registered trademarks owned by American Funds Distributors, Inc. or an affiliated company.

BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are property of their respective owners.Fidelity and Contrafund are registered trademarks of FMR LLC.

MFS is a registered trademark of Massachusetts Financial Services Company.Main Street is a registered trademark of OppenheimerFunds, Inc.

Life Insurance Producer’s Name Broker-Dealer’s Name State Insurance License Number (or affix your business card)

PPVUL-1D 15-31129-04 5/13

This material is not intended to be used, nor can it be used by any taxpayer, for the purpose of avoiding U.S. federal, state or local tax penalties. This material is written to support the promotion or marketing of the transaction(s) or matter(s)

addressed by this material. Pacific Life Insurance Company, its distributors and their respective representatives do not provide tax, accounting or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an

independent tax advisor.