Can’t add Outlook to iPhone

After I changed my Outlook password, my iPhone couldn't/wouldn't recognize the new password. I deleted the Outlook account, and now I can't add Outlook again. I have gone to Settings, Add Account, clicked on the Outlook tab, add my email address (*** Email address is removed for privacy ***) and then enter the new password. I get an error message that the account information cannot be verified. If I choose Save Account, I get an error message that the account may not be able to send or receive email.  Several attempts failed to even save the account, but now the account is there but does not send or receive email. Each time I re-enter the correct password, I get error messages that password is incorrect, can't be verified, or connection to server failed. All other email accounts are working perfectly on the iPhone, so I'm figuring the problem is within Outlook. Similar question was posted to forum but reply with solution was private.
    - Yes, I checked Outlook password on desktop computer and I'm using the correct password
    -  Yes, I've tried shutting phone down, waiting, and restart with no improvement in Outlook problem
   -  I phone was running iOS 7.0.2 and just updated to 7.0.3 this morning with no change in Outlook problem
   - Yes, I'm frustrated and tired of problems with Outlook every time I change my password.