Directors of USLICO Corp., the newly formed holding company for United Services Life Insurance Co., have elected Leslie P. Schultz chairman of the board, the company announced.

United Services Life, founded in 1939 by military officers to sell life insurance to other officers and their families, formed the holding company at a stockholders meeting in April to compete more effectively in the insurance and financial services markets and to achieve greater flexibility, Schultz said. Under the restructuring, for example, the holding company will be able to own its own stock and continue acquiring other companies, activities from which the insurance company alone is barred under current insurance industry regulations.

USLICO Corp., with $1.2 billion in assets, owns United Services and its six regional life insurance subsidiaries, an investment advising subsidiary and a stock brokerage.

Schultz, 66, a 46-year veteran of the insurance industry, has been president and chief executive officer of United Services Life since he joined the company in 1968.

He moved to Washington in 1965 as president of Banker's Security Life Insurance Society, which was later acquired by USLICO under Schultz's direction. Before coming here, he had been an executive vice president of Independent Life Insurance Co. in California and an insurance agent with Northwestern Mutual Life Insurance Co. in Wisconsin.

At a meeting in October, the company's shareholders also elected a new, seven-member board of directors. The directors are: Thomas H. Moorer, a retired Navy admiral and former chairman of the Joint Chiefs of Staff; Robert L. Cocklin, a retired Army general and executive vice president of the Association of the U.S. Army; Eli Weinberg, managing director of First Boston Corp. in New York; David S. Smith, an attorney in the law firm of Martin, Beck & Smith; Guy Martin, president of International Bank in Washington; Charles Giuffra, executive vice president of United Services Life Insurance Co., and Schultz.