Managing personal Outlook.com account settings, security, and privacy
An O365 Family account gives you access to Outlook, Excel, Powerpoint, and the rest of the Office suite. I am assuming you downloaded these to your Windows 10 computer. Doing so would give you the Classic Desktop version of Outlook, the one with the File tab on the lefthand side of the Ribbon.
If you go to File > Account Settings > Account Settings and your @live.com account says it's Type is Microsoft Exchange, there is Zero point Zip dot Nada for you to do you are good to go. More info is here: