The insurance industry is always inventing new products to try to sell more insurance or insurance + investment products that charge higher commissions than basic term or whole life insurance. Indexed universal life is one of these new complicated products.
Keep it simple. Buy basic term life insurance to cover your insurance needs and invest separately; again, keep the investments simple and straightforward (i.e. low cost, no-load index mutual funds).
The more complicated the product, the higher the commission to the sales person which is why the financial industry heavily promotes their more complicated products. Life insurance sales people cannot make a living by selling what consumers need- basic term insurance.
In general, consumers are better off with plain vanilla financial/insurance products.