Variable Universal Life Insurance policies have sub accounts which are essentially mutual funds in the account that can gain and lose, just like normal mutual funds.

Equity Indexed Universal Life Insurance policies typically have a floor, where they can't lose cash value, even if the market tanks. The flip side is you don't get all the gains when the market goes up. I policy might only give you 50% of the S&P 500 gains for the year without dividends. You'll likely never get 25% return, but will also not lose money. You might get 0% growth one year and 7% the next.

Both policies require a time commitment with surrender schedules.

I'm not saying to do it, but making sure you know there is a difference.