Is Freedom Equity Group A Scam – Insurance MLM Company In Review

is freedom equity group a scam

Welcome to My Freedom Equity Group Review!

Maybe you’re here because you want to know the truth about this insurance company and whether it can provide a legit source of income or not.

If yes, then you’re in the right place!

Freedom Equity Group Review Summary

Name: Freedom Equity Group


Founders: Bill St. Clair, Ronald Bloomingkemper, and Ronal Petrinovich

Product Type: Multi-Level Marketing

Price: $125 For The Membership + $200 To $300 For The Licensing Fees

freedom equity group logo

Quick Summary: Freedom Equity Group is an insurance organization that follows a network marketing business structure. It’s been in the industry for more than 19 years, partnering with various insurance companies, such as AIG, National Life Group, and Phoenix.

Overall Rating: 4/10

Recommended: No

We’re not an affiliate of Freedom Equity Group so rest assured that we’re not here to pitch the platform instead, we’re here to provide you with facts to know whether this opportunity is legit or not.

This includes getting to know what the company is about and the people behind it. 

what is freedom equity group about

What Is Freedom Equity Group About?

Freedom Equity Group (FEG) is an insurance marketing organization that promotes insurance products. They work with various insurance companies to provide the right policies according to their client’s needs.

It’s almost the same as Symmetry Financial Group and Premier Financial Alliance in the sense that they have partnered with different insurance companies. 

As for Freedom Equity Group, these are some of their brand partners:

  •  AIG
  • American Equity
  • American National
  • Fidelity & Guaranty Life
  • Life Of The Southwest
  • National Life Group
  • National Western Life
  • Phoenix 

They also follow a multi-level marketing (MLM) structure, letting their members earn through retail sales of their policies and recruitment.

Freedom Equity Group was founded by Bill St. Clair, Ronald Bloomingkemper, and Ronal Petrinovich in 2002.

freedom equity group founders

All founders have extensive experience in the financial industry. Bloomingkemper, for instance, has been working for more than 40 years in the life and annuity insurance business. Petrinovich, on the other hand, was an entrepreneur and a Certified Public Accountant while St.Clair grew up helping his mom create a financial business, focused on annuities and estate planning.

Based in Arroyo Grande, California, the brand now caters to over 50 states in the US.

Freedom Equity Group Product Line

Freedom Equity Group promotes insurance, particularly life and annuity. 

In case you’re not familiar with insurance, it’s basically a financial product designed for protection. 

For instance, in case a car got into an accident, insurance will be used to cover the damages. The same case with an individual, depending on the policy you have, you or your beneficiary will get financial assistance in case of critical illness, accident, or death.

That being said, insurance is not just about a policy owner dying although that’s the purpose of life insurance.

Annuity insurance, for instance, grows your fund so you can have a stream of income in the future.

freedom equity group insurance partners

Is Freedom Equity Group A Scam?

Freedom Equity Group operates on a multi-level marketing structure meaning, they let their members make money by selling their policies and at the same time, grow their team. However, it’s not a scam.

It’s accredited by the Better Business Bureau (BBB) with an A+ rating, which is a good sign considering that both MLM and insurance have a bad reputation. 

Also, unlike other similar programs, the brand has not been dragged into alarming issues. Of course, they do have complaints but it’s not been tagged as a pyramid scheme, which is again, common in platforms like this.

Even the reviews from a legitimate source depict how good of a company they are.

freedom equity group reviews

There’s a minor issue though; one of the founders, Bloomingkeeper, has been involved in suspected pyramid schemes, such as Primerica and A.L. Williams.

While there’s no guarantee that he’ll implement the practice from his previous brands, you can just leave your suspicions away.

Nonetheless, the brand has proven its legitimacy for over 19 years.

Is Freedom Equity Group A Pyramid Scheme/Ponzi Scheme?

There’s always a misunderstanding between an MLM, a pyramid scheme, and a Ponzi scheme. If you’re one of those who are confused, here’s a quick explanation.

A network marketing platform comes with tangible or digital products and/or services you can sell and make money from. The company will also compensate you for the sales that your team makes.

That being said, there’s a recruitment and often, you need to recruit more for a bigger chance to get more sales.

A pyramid scheme, on the other hand, relies on recruitment alone. No products are sold so once the recruitment stops, the income is ceased, too. Often, an MLM that focuses on recruitment is also tagged as a pyramid scheme.

Another thing is that sometimes, a pyramid scheme disguises as a legit MLM by having products; however, it’s useless because the fraudulent company will only ask the members to buy tons of useless products but still focus on recruitment. Unfortunately, only those who are at top of the pyramid are earning while those who are at the bottom are losing cash.

A Ponzi scheme, on the other hand, will ask you to invest money into the business so you can get a return on investment in the future. It’s questionable because there are no stocks or businesses involved and the only way for the company to make money is through the investments made by its members.

Again, such a structure is unstable.

As for Freedom Equity Group, it managed to show up as a reputable networking insurance company. 

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Freedom Equity Group Compensation Plan

As mentioned, there are two main ways to earn with Freedom Equity Group.

The first one is by selling insurance and earning commissions out of it. The direct commission starts from 30% up to 70%, depending on your level.

The other option is by growing your team and training them to make a sale so you can earn a commission, too. 

Your commission depends on your rank, just like how a typical MLM works. So if you want to earn more, your goal should be increasing your rank and this means making more sales and recruiting more people.

To learn more about Freedom Equity Group’s compensation plan, you can watch the video below:

How Much To Join Freedom Equity Group?

To join Freedom Equity Group, you have to pay $125. This doesn’t include the licensing fees and other related expenses yet. According to a marketing video, the total amount might go from $200 up to $300.



Legit Company With Clear Reputation

The brand is accredited by the BBB and has proven its legitimacy for more than 19 years. Although there are complaints, it managed to get more positive reviews online, which is a good thing considering that it’s an MLM selling insurance.

Good Training For Insurance Agents

Based on the reviews online, Freedom Equity Group has provided good training materials so their agents can learn more about their products and how to grow their business.


Lack Of Transparency

While the brand has a good reputation, it failed to provide the necessary details when it comes to their opportunity. This is a drawback because how else will potential agents know what to expect about the brand.

Recruitment Hype

While you can sell policies and make money from it (which is challenging, by the way), you will only make more money and increase your level by recruiting more and more people to join the program.

As mentioned, you don’t get compensated directly for doing so, thus you have to train them so they can make a sale. This is not a bad thing however if you’re already packed with other commitments, this can be time-consuming so unless you can commit to it on a full-time basis, I suggest that you look for a better option online.

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Training Tools/Support

Training is provided by your sponsor and the company’s experienced trained leaders. Resources were also provided online so agents can continue improving their selling and networking skills.

Final Opinion/Verdict

Freedom Equity Group may have proven to be a good company despite some complaints but still, I won’t recommend this unless you know being an insurance agent is for you.

While the insurance company plays a huge role in your success, it’s not going to be an easy journey. Many people still find insurance vague so it would be a challenge.

There’s a good chance that you’ll spend more money first before you can meet a potential client.

Also, since recruitment is required to earn more commissions, that’s another challenge to take. Unless you’re good at networking, it’s best to find another option.

What's Next?

Looking for a better way to earn cash without the hassle of growing your team?

If yes, you’re not alone! Sometimes, especially with the pandemic today, it’s better to earn at home, alone.

If this excites you, I suggest that you join our #1 recommended program now and take advantage of the following benefits:

  • Training resources
  • Webinars to help you start your business online
  • One-on-one coaching
  • Comprehensive guide
  • And many more!

Thank you for reading our Freedom Equity Group review.

If you have questions or clarifications, please feel free to share them below.

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Caroline So

I'm a stay-at-home mom always on the lookout for ways on how to make LEGITIMATE money online. I also love to write; when not working as a content writer, I create blogs about skincare, makeup, motherhood, and digital marketing. I joined Vasiliy as a writer for Best Lifetime Income blog.

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