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. It's not for everyone, but it should be considered. You have a wife and two young children. This is an excellent case for term insurance.