Remember, if you elect to have the Defense Finance Center hold them for you, they will not be readily available for emergency use. Life Insurance Life insurance is always an uncomfortable subject. We don't like to think about our own mortality. When starting out, keep it simple. There really are only two kinds of life insurance - term and whole life.
Experts can make a good argument for buying all whole life or all term or some of both.
It really is dependent upon your individual situation. And you can then take this coverage with you when you leave the service. Term insurance is generally well-suited for younger service members. Most financial service professionals recommend including whole life insurance as part of your financial plan, but how much insurance is going to take some research and advice from a professional. Another consideration is life insurance for your spouse and your children.