Pacific PRIME VUL Flexible Premium Variable Universal Life Insurance. Help Protect and Grow. Pacific Life Insurance Company PPVUL-1J

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1 Pacific PRIME VUL Flexible Premium Variable Universal Life Insurance Help Protect and Grow PPVUL-1J Pacific Life Insurance Company

2 1 Pacific PRIME VUL Protect What Matters Now. Grow for the Future. Time. Your most precious commodity. You ve got your hands full juggling the responsibilities of career and family. You ve set your sights on a comfortable 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 The tax-free 1 death benefit of Pacific PRIME VUL 2 variable universal life insurance (VUL) can help protect your loved ones from the financial impact of your premature death. Additionally, your policy s cash value has the potential to grow over time, tax-deferred. Pacific PRIME VUL makes it simpler to harness the growth potential of the market with a list of investment options designed to help you meet your investment objectives. With Pacific PRIME VUL, you don t have to be an investment professional to harness the growth potential of the market. And, you don t have to be a superhero to protect your family. In short, Pacific PRIME VUL helps you do more with your limited time. Investment and Insurance Products: Not a Deposit Not Insured by any Federal Government Agency Not FDIC Insured No Bank Guarantee May Lose Value 1 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). 2 Pacific PRIME VUL (Policy Form #P11P1V or ICC11 P11P1V). Form number based on state of policy issue. Life insurance is subject to underwriting and approval of the application. If approved, a policy face amount, premium limits, and policy performance, will be impacted by the deduction of monthly policy charges.

3 2 It Can Be as Easy as Protect Your Family Now and Later Help protect your family s standard of living with a death benefit that s paid income tax-free. 1 Choose a life insurance coverage amount based on your current needs. If your needs change later, you can increase or decrease your coverage, within policy limits. 3 2 Add Another Asset with Tax-Deferred Growth Boost Your Income Potential You can help supplement your income with tax-free 3 loans and withdrawals from your policy s available 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. Your policy s cash value has the potential to grow tax-deferred. With many different asset allocation investment options available, Pacific PRIME VUL makes it easier to choose investment options that help you meet your risk tolerance and financial objectives. Or, with the help of your financial professional, you can create an asset allocation strategy from the list of investment options currently available in Pacific PRIME VUL. Enjoy the Convenient Allocation Strategies of Pacific PRIME VUL With Pacific PRIME VUL, you don t have to be a Wall Street guru or devote hundreds of hours researching stocks and bonds to diversify your asset allocation. Choosing among them can be as easy as A B C. A) Choose Based on Your Timeline (see page 3) B) Choose Based on Your Investment Objective (see page 5) C) Choose Based on Your Risk Profile (see page 7) D) Choose Investment Options To Create Your Own Asset Allocation (see page 8) Or E) Choose from 2 Fixed Options (see page 9) 3 For federal income tax purposes, 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 (any outstanding policy debt at time of lapse or surrender that exceeds the tax basis will be subject to tax); (3) withdrawals taken during the first 15 policy years do not cause, 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 72, 7702(f)(7)(B), 7702A. Any policy withdrawals, loans and loan interest will reduce policy values and may reduce benefits.

4 3 Asset Allocation Portfolios Diversification In an Instant A Choose Based on Your Timeline Target-Date Portfolios Offer Simplicity and Ease. e Target-date portfolios invest in equity and fixed-income securities. The portfolios weighting in fixed-income gradually increases as these portfolios approach and pass their target dates. e An easier way to create a well-diversified portfolio, a target-date portfolio should still be reviewed periodically to ensure it remains on target to help you meet your goals. Asset allocation is the process of distributing a fund s investments among varying asset classes of investments (e.g., equity and debt). It does not guarantee diversification, assure a profit, or protect against loss. Fund-of-funds are subject to risks at the fund-of-funds level and risks of the underlying funds in which they invest in proportion to their allocations to those underlying funds. They are also subject to their own expenses along with the expenses of the underlying funds, which can be higher than expenses incurred when investing directly in an underlying fund. Better returns could be achieved by investing in an individual fund or funds representing a single asset class rather than using asset allocation.

5 4 The chart below shows how the asset allocation of a Fidelity VIP Freedom Fund (target-date) changes over time, becoming more conservative. The fund s allocation of equities (stocks) decreases in favor of debt (bonds) and short-term funds as the target date approaches and then passes. 100% Portfolio Percentage Weighting 80% 60% 40% 20% 0% Target Date (Income Portfolio) Years to and from Target Date Funds Short Term Debt International Equity Domestic Equity The pie charts illustrate each VIP Freedom Funds approximate target asset allocation among equity, bond, and short-term funds as of 12/31/2016. 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 12/31/2016. 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. FMR Co., 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. Target Allocations Fidelity VIP Freedom Funds by Target Date % 19% 30% 5% 55% 24% 21% 0% 63% 27% 10% 0% 63% 27% 10% 0%

6 5 B Choose Based on Your Objective Asset Allocations that Balance Discipline with Opportunity Each of the following dynamic asset allocation portfolios offer a long-term discipline. The funds asset class weightings can be adjusted, based on the portfolio managers outlook on the markets. These funds have a broader dexterity to take advantage of what are perceived to be favorable short-term opportunities. Choose among portfolios managed by such premier money managers as Pacific LIfe Fund Advisors (PLFA), Lazard, BlackRock, and American Funds. See your fund s prospectus for details. American Funds Insurance Series Asset Allocation Fund Class 4 e Provides broad diversification by blending stocks of all sizes for growth, investment grade and high-yield bonds for income, and cash for asset preservation. BlackRock Global Allocation V.I. III e A diversified portfolio that invests across asset classes, regions, currencies, and sectors, seeking to deliver competitive returns with moderate levels of risk over a full market cycle. BlackRock ishares Dynamic Allocation V.I. CI I e An asset allocation fund-of-funds that uses a diversified mix of exchange traded funds (ETFs) to allocate effectively across a variety of asset classes and market capitalization in U.S. and non-u.s. markets for global diversification. Asset allocation is the process of distributing a fund s investments among varying asset classes of investments (e.g., equity and debt). It does not guarantee diversification, assure a profit, or protect against loss.

7 6 Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares e A global balanced approach that seeks to deliver a consistent return pattern regardless of the volatility environment. A forward-looking assessment of expected global market risks and returns drives capital allocation decisions. PSF DFA Balanced Allocation Portfolio e A fund-of-funds that seeks long-term growth of capital through investments in a variety of eligible third party mutual funds and/or variable insurance trusts (managed by Dimensional Fund Advisors LP) which, in turn, invest in U.S. and foreign equity and debt instruments.

8 7 C Choose Based on Your Risk Profile Strategic Asset Allocation Portfolios Help You Align Your Policy With Your Life Insurance Objectives and Risk Tolerance. Pacific Dynamix Portfolios e A range of strategic asset allocation portfolios formed as fund-of-funds that seek to optimize return for the given level of risk. 4 e Comprised of index-oriented portfolios 5 that typically feature lower expenses. e Managed by Pacific Life Fund Advisors LLC. Conservative Growth Moderate Growth Growth 40% 60% 60% 40% 80% 20% Legend (Target Allocations) Equity Debt Current as of May 2017, as shown. Exclusive Investment Options Available Only in Pacific Dynamix Portfolios The Pacific Dynamix Portfolios may contain the following underlying index-oriented funds, 5 otherwise not available in Pacific PRIME VUL: e PD Large-Cap Value Index (sub-adviser: BlackRock) e PD 1-3 Yr Corporate Bond (SSGA) e PD Large-Cap Growth Index (BlackRock) e PD Aggregate Bond Index (SSGA) e PD Small-Cap Value Index (BlackRock) e PD High Yield Bond Market (SSGA) e PD Small-Cap Growth Index (BlackRock) e PD International Large-Cap (Dimensional) e PD Emerging Markets (Dimensional) Asset allocation is the process of distributing a fund s investments among varying asset classes of investments (e.g., equity and debt). It does not guarantee diversification, assure a profit, or protect against loss. Refer to the Pacific Select Fund prospectus for more information regarding the Pacific Dynamix or Portfolio Optimization Portfolios. 4 Fund-of-funds are subject to risks at the fund-of-funds level and risks of the underlying funds in which they invest, among other risks. They are also subject to their own expenses along with the expenses of the underlying funds, which can be higher than expenses incurred when investing directly in an underlying fund. 5 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.

9 8 D Choose Your Investment Options to Create Your Own Asset Allocation Individual Investment Options Let You Choose a Mix that Helps Meet Your Investment Objectives. If you want more control over the investments in your life insurance policy, choose your own mix of variable investment options instead. Pacific PRIME VUL offers a list of variable investment options to meet a variety of investment objectives. And, because Morningstar s Sustainability Rating* is available on most of the variable investment options, you can easily screen the investment options you choose to allocate your policy s cash value for sustainability and environmental, social, and governance (ESG) factors. Available Variable Investment Options Cover the Following Categories: e Asset Allocation e Domestic Equity e Domestic Fixed Income e Emerging Market Equity e Global Equity e International Equity e Money Market e Target-Date Portfolios 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. For a full list of investment options, refer to your product and fund prospectuses. * The Morningstar Sustainability Rating(TM) is intended to measure how well the issuing companies of the securities within a fund s portfolio holdings are managing their environmental, social, and governance, or ESG risks and opportunities relative to the fund s Morningstar Category peers.

10 9 E Choose from 2 Fixed Options Fixed Options Provide Guaranteed Interest Crediting Rates 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 an interest rate of 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 Credits a Current Interest Rate. Guarantees Minimum Annual Interest Crediting 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. Fixed LT Account Credits higher Current Interest Rate than the Fixed Account. Guarantees Minimum Annual Interest Crediting 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.

11 10 Stay Focused with Automated Services Choose from four automated services to help you keep your policy on target and help you meet your objectives. These services are in addition to your policy s current transfer guidelines (see prospectus for more details). 1 Dollar Cost Averaging 6 Ease 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. The First Year Transfer Service may be elected when you apply for your variable life insurance policy. Talk to your life insurance producer for more information. Keep in mind that using the First Year Transfer Service does not guarantee increased returns or protection from loss. 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 6 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. 6 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 market periods.

12 11 Tax-Deferred Growth to Tax-Free 7 Income Your policy s cash value accumulates tax-deferred. If the time comes to help supplement your income, you can benefit from taxfree 7 withdrawals and loans from your policy s available cash value. Withdrawals: e Tax-free 7 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 Surrender Value minus outstanding policy loan debt minus $500. Loans: e Generally tax-free. 7 e Minimum Amount: $200 (in most states). e Maximum Amount: Cash Surrender Value minus outstanding policy loan debt minus three times the most recent monthly policy deductions. e Loan interest rate charged is offset by interest rate credited. See chart below. Policy Year Annual Loan Interest Charged Annual Loan Interest Credited Annual Loan Net Cost All Policy Years (guaranteed) 2.75% 2.50% 0.25% Policy Years 6+ (current) 2.75% 2.75% 0.00%

13 12 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. Eligibility limits apply. See prospectus for details. Overloan Protection II Rider (Form #R08OLP) 8 If you plan on taking tax-free 7 policy loans from your policy, this optional rider can help you protect against policy lapse in later years, after you have stopped your planned policy distributions. 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. 7 For federal income tax purposes, 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 (any outstanding policy debt at time of lapse or surrender that exceeds the tax basis will be subject to tax); (3) withdrawals taken during the first 15 policy years do not cause, 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 72, 7702(f)(7)(B), 7702A. Any policy withdrawals, loans and loan interest will reduce policy values and may reduce benefits. 8 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. 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.

14 13 Customize Your Policy s Benefits Flexible Death Benefit Help protect your family with a death benefit they ll receive income tax-free. 9 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. Decreases are allowed after the first policy year. Each increase must be at least $25,000 and your policy s Face Amount after all decreases may not be less than $1,000. Policy charges and premiums may be affected. See your prospectus for additional details. 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 Accumulated 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. 10 Optional Riders Pacific PRIME VUL offers optional riders 11 that can help expand the protection, flexibility, and benefits provided through your policy. Ask your life insurance producer about the available policy riders and request a personalized illustration. 9 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). 10 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. 11 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.

15 14 Benefits of a Long-Term Commitment As an added bonus, your policy s cash value may be 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 Accumulated Value. The credit percentage will increase over time as shown. Annual Credit Policy Year (based on average unloaned Accumulated Value) % % % While the credit is not guaranteed, Pacific Life has a long history of paying its persistency credits, including four increases to the persistency credits of its variable universal life insurance products issued since Pacific Life Insurance Company reserves the right to change or modify any non-guaranteed or current elements. The right to modify these elements is not limited to a specific time or reason. Policy Charges The cost of the life insurance and benefits provided through the policy is deducted monthly in the form of policy charges, which include an Administrative Charge, Asset Charge, Coverage Charge, Cost of Insurance Charge, and any applicable rider charges. Additionally, a premium load is deducted from each premium payment. To understand how the policy charges will affect your policy s cash value, request a personalized illustration that includes the Policy Charges report. Policy charges will reduce the effective rate of return on your Accumulated Value in the variable investment options. Policy charges may also exceed the interest credited to your Accumulated Value in the fixed accounts. 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.

16 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 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 refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2017 is compiled by Pacific Life using the 2017 FORTUNE 500 list. 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, its affiliates, their distributors, and 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 or attorney. Pacific Life Insurance Company Newport Beach, CA (800) 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 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, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company, and are available through licensed third-party broker-dealers. 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 and investment options based on their client s age and other factors. Your life insurance producer can help you determine which optional riders and investment options are available and appropriate for you. This material must be preceded or accompanied by the variable life insurance product prospectus. Contact your life insurance producer or visit for more information, including product and underlying fund prospectuses that contain more complete information about Pacific Life Insurance Company and a variable life insurance policy 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. BlackRock Investments, LLC, Fidelity Distributors Corporation, FMR Co. Inc., American Funds Distributors, Inc., and Lazard Asset Management Securities LLC, and the products each distributes, are not affiliated with Pacific Life and Pacific Select Distributors, LLC. 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. The Russell 2000 Index and Russell 2000 Value Index (together, the Indexes ) are calculated by Russell or its agent, are trademarks of Frank Russell Company ( Russell ), and have been licensed for use by Pacific Select Fund ( PSF ). Neither Russell nor the London Stock Exchange Group companies (together the Licensor Parties ) sponsor, endorse, sell or promote any portfolios of PSF, the content of this communication, or make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Indexes, or (ii) the suitability of the Indexes for the purpose to which they are being put. The Licensor Parties do not and will not provide any financial or investment advice or recommendation in relation to the Index to Pacific Select Fund or its clients. The Licensor Parties do not accept any liability to any person for any errors or omissions in the Russell Indexes and are under no obligation to advise any person of any error therein. PPVUL-1J /17