Yes, every IUL I've seen offers at minimum a fixed account and an S&P 500-indexed account, and most people I know who invest in the latter type of account have been happy with it. Some IULs offer a more convoluted type of indexed account that, each month, compares the results of three different indices (like S&P 500, EuroStoxx 50, & Hang Seng) over the preceding 12 months and credits you a weighted average of the three (weighted based on how each index performed over the look-back period). But that means less transparency than a simple S&P 500-indexed account, and some people don't like that.