NEWPORT BEACH, Calif. — (Sep. 26, 2005) — In response to investor concerns about outliving retirement assets, Pacific Life has made improvements to its living benefits that provide more choices for a guaranteed income.

Lifetime Income Access Plus is an optional benefit that guarantees variable annuity contract owners will get back every dollar invested regardless of market performance, as long as they withdraw up to 5% each year of what they put into their annuity, and stay invested in a Pacific Life Portfolio Optimization asset allocation model. In addition, if withdrawals begin after age 65, the annual 5% withdrawal is guaranteed to last their lifetime. Owners younger than 65 can “step-up” to the contract value at age 65 or after and guarantee their withdrawals will last a lifetime as well.

Investors have the ability to lock in potential market gains by electing to “step-up” the protected amount on any anniversary after they bought the annuity. “For a cost of $.004 cents on the dollar of contract value annually, consumers get flexible options that can be used in a variety of financial planning scenarios,” says Kathleen McWard CFP^®, vice president of Marketing, Annuities & Mutual Funds.

In addition, Lifetime Income Access Plus also offers an annual 6% credit for up to 5 years for those who can wait before taking withdrawals—making it ideal for consumers nearing retirement who cannot afford to lose any of their hard-earned savings.

“What other variable annuity optional benefit can potentially give you an annual income stream you cannot outlive plus the ability to step-up to the market value if higher?” adds McWard.

Investors may purchase Lifetime Income Access Plus at contract issue or on any contract anniversary. Clients with Income Access or Income Access Plus may exchange to Lifetime Income Access Plus on any contract anniversary. For existing contracts, the protected amount is the contract value on the date the optional benefit is added. Annuitants must be age 85 or younger at the time Lifetime Income Access Plus is added to the contract.

Pacific Life offers hypothetical illustrations and a “Retirement Checklist” to help investors work with their financial professional in developing a retirement plan that utilizes variable annuities and optional benefits.

Guarantees are subject to Pacific Life’s claims-paying ability. This rider is available in addition to other features that Pacific Life variable annuities provide. These include guaranteed death benefits, multiple money managers and investment options. Consult a prospectus for more information about investment risks, surrender options and expenses.

Pacific Life Insurance Company is licensed to issue individual life insurance and annuity products in all states except New York. Product availability and features may vary by state. You should carefully consider a variable annuity’s risks, charges, limitations and expenses, as well as the risks, charges, expenses and investment objectives of the underlying investment options. This and other information about Pacific Life is in the prospectuses available from your registered representative or by calling Pacific Life at (800) 722-2333 or (800) 800-7681. Read them carefully before investing.

Variable annuities are long-term investments designed for retirement. The value of the variable investment options will fluctuate and when redeemed, may be worth more or less than the original cost. Withdrawals and other distributions of taxable amounts will be subject to ordinary income tax, and if taken prior to age 59 ½, a 10% federal tax penalty may apply. A withdrawal charge may also apply. Withdrawals will reduce the value of the death benefit and any optional benefits.

Variable annuities issued by Pacific Life Insurance Company are distributed by Pacific Select Distributors, Inc. (member NASD & SIPC), a subsidiary of Pacific Life, and are available through licensed third party broker/dealers.

Founded in 1868, Pacific Life provides life insurance products, individual 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 clients¹ and is a member of Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities.

¹ Data compiled by Pacific Life using the FORTUNE 500 list as of April 2005.