The Fed and How It Got That Way Here is a quick history of the Federal Reserve and an overview of what it does. Related Content The Value of Insuring Against Life’s Risks Building wealth requires protection from the forces of wealth destruction. Is a Variable Annuity Right for Me? Pundits go on and on about how “terrible” or “wonderful” annuities are, but they never talk about whether annuities are right. When Life Insurance Becomes Taxable Life insurance proceeds are generally tax-free. But not in all cases.