Most likely you’re here today because you’re thinking about selling insurance with the Freedom Equity Group.
Perhaps you’re doing your due diligence and looking for more information about whether or not FEG is a “legit” operation.
If so, you’ve found the right article!
In this article, I’m going to review how Freedom Equity Group works, what they have to offer, how their lead program works, and what to watch out for.
Also, I’ll give some personal insight (I’ve been an independent agent since 2011) on things new insurance agents need to be concerned with prior to picking an agency.
NOTE: Are you an aspiring or new insurance agent looking for more insight on how the insurance sales industry works? Check out my free New Insurance Agent Resource Guide to help answer many of your questions (as well as ones you didn’t know you had!).
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Freedom Equity Group is a distributor of life insurance products, otherwise known as an independent marketing organization (IMO) that contracts with insurance companies to promote, sell, and distribute their products.
For example, FEG partners with:
- Fidelity and Guaranty,
- American National,
- Life of the Southwest,
- American Equity,
- National Western Life,
- And many others.
In conjunction, they work hard to recruit talented producers to join their agency to learn their sales and marketing strategies to sell the products of these insurance companies.
Freedom Equity Group was founded in 2002 by Ronald Bloomingkemper, Ronald Petrinovich, and Bill St. Clair, all of whom have extensive experience in marketing life insurance and annuities nationwide.
The company is headquartered in Arroyo Grande, California and serves all 50 states.
Its main product is indexed universal life insurance, a form of permanent coverage that provides a cash value in addition to life insurance.
Equity-indexed universal life insurance ties its accumulation to a stock market index. Your clients’ cash values are based on the performance of the various stock indexes you select.
The policies sold by Freedom Equity Group also provide living benefits, which allow you to use your coverage during your lifetime.
While traditional life insurance is only paid when you die, a living benefits policy allows you to access death benefits when chronic, terminal, or critical illnesses occur.
One of FEG’s most popular policy benefits is the accelerated death benefit rider.
Individuals who become sick or disabled can accelerate their policy and process a claim at any time.
Freedom Equity Group offers two possibilities to earn money:
- Selling insurance policies, and/or,
Whenever you sell a policy, you get a commission.
Your income can grow further by recruiting other sellers, even when you are not making any sales yourself.
FEG has six affiliate ranks ranging from training representatives to regional vice presidents. The rank progression depends on the commissionable volume that is generated through policy sales.
In order to start working as a sales representative for Freedom Equity Group, you need to have a recruiter. Once you have completed your initial training, you can start selling and recruiting others.
One of the main aspects of FEG’s business model is mentoring and training. An experienced field leader will guide you throughout the entire process, and you will always be a part of a team.
The leads and sources of leads are entirely up to you. These can be self-generated leads, such as relationship referral and word of mouth marketing, or you can purchase your own insurance leads.
Like all insurance sales organizations, Freedom Equity Group operates in a multi-level marketing (MLM) hierarchical basis.
It is a selling model where commissions are made both through direct sales and sales made by distributors who are below the recruiter.
Although Freedom Equity Group provides very little information both when it comes to the products they are selling and their recruiting process, it’s not a scam.
FEG is a perfectly legitimate company, fully accredited by the BBB with an A rating. It has been around for a long time and has a solid management team.
How To Quit Freedom Equity Group
There are many reasons you may want to quit Freedom Equity Group, for example, you ran out of money to invest in leads, you ran out of prospects to sell to, or you simply found that the business of selling insurance wasn’t a good fit for you.
The good news is, quitting Freedom Equity Group is easy.
Here’s how to do it.
First, start by doing your due diligence and find another insurance agency to work for. We recommend you review our Free Agent Resource Guide here for tips on finding a quality insurance agency to join.
Once you find a new agency or carrier to join, you can go ahead and switch your affiliations.
You should keep in mind that as an insurance agent, you are licensed by the state and not by the company. No insurance agency can prevent you from stopping your affiliation with it and doing business with another organization.
You may need to cancel the affiliation with Freedom Equity Group. The termination usually needs to be filed within a 30 day window, however canceling affiliation is not always mandatory.
To become properly appointed with the new insurance carrier or agency, you simply complete contracting with the new insurance carrier.
Typically, the window for companies to process affiliations is very short, with most companies approving insurance agent carrier appointments within 1 to 2 weeks on average.
Bottom line, quitting Freedom Equity Group is no big deal. Simply find another organization that’s better suited to your insurance sales career goals, submit contracting through the new organization, and within the next few weeks, you’re good to go and can stop doing business with Freedom Equity Group.
Companies Freedom Equity Group
Let’s take a look at some insurance agencies and companies similar to Freedom Equity Group in case you’re interested in doing a comparison.
Symmetry Financial Group is an insurance marketing organization based out of Swannanoa, North Carolina.
SFG specializes in several life insurance markets, primarily the mortgage protection insurance market. The company also offers final expense insurance, a type of whole life insurance designed to cover medical bills and funeral expenses after the policyholder’s passing.
Bankers Life was established in 1879 in Chicago, Illinois. The company is a subsidiary of CNO Financial Group.
Bankers Life offers life insurance, long-term care, annuities, Medicare (Supplements, Advantage Plans, Part D prescription drug coverage), critical illness insurance, as well as vision and dental plans. It targets the senior market, typically people age 60 and older who are near retirement.
People Helping People (PHP)
People Helping People was established in 2009 in Northridge, California. The company serves the middle markets for insurance-based financial planning. It focuses on term insurance, index universal life insurance, and fixed indexed annuities.
American Income Life (AIL)
American Income Life, a wholly owned subsidiary of Globe Life Insurance, is a major provider of supplemental life insurance. The company was founded in 1951 and is headquartered in Waco, Texas.
American Income Life’s core markets are labor unions, credit unions, and associations for insurance solicitation. Its insurance products include life insurance and supplemental health.
New York Life
New York Life, established in 1845, is the largest mutual life insurance company in the country. It offers premium life insurance, long-term care insurance, retirement income insurance, and investment plans, including annuities, mutual funds, and ETF saving plans.
USHEALTH Advisors is a wholly-owned national sales and distribution subsidiary of USHEALTH Group, one of the largest employers of health insurance agents in the United States.
USHEALTH offers individual health coverage plans and a number of related supplementary products. It specializes in marketing innovative and affordable health coverage plans. The company is focused on providing healthcare solutions to individuals and families, as well as self-employed and small business owners.
Equis is a marketing organization for independent insurance agents and agency builders.
Its main product is mortgage protection life insurance, designed to reduce or eliminate the threat of foreclosure or eviction if the insured passes unexpectedly. The company also offers final expense, living benefits, and indexed universal life insurance products.
Now that you know a little more about the Freedom Equity Group insurance sales opportunity, I’ll give my thoughts on things you should consider.
While commissions aren’t everything, it is important to maximize your earning potential to the highest extent possible.
While we don’t have exact numbers on Freedom Equity Group’s agent commissions, we highly recommend checking competing insurance sales organizations to compare what you’re offered.
For example, in my national insurance agency where I recruit and train agents to become top producers in final expense, Medicare, and annuities, we offer commissions in the 100% to 120% range for life insurance products, depending on the agent’s experience.
Additionally, if you plan on not recruiting and just selling, make sure to discuss what the highest level commission opportunities are, as many organizations require you to recruit to maximize compensation.
Closely evaluate the quality of training Freedom Equity Group or any insurance agency provides you.
Ultimately, your direct upline/manager is the most important person in your development as an agent.
For example, ask how long your upline has sold insurance and what type of measurable success he’s experienced.
A big problem in insurance sales is the predominance of insurance MLMs that push recruiting over producing, causing unqualified, inexperienced “trainers” to bring in new agents without the requisite experience to adequately train them.
Personally, I think this is a big reason why so many insurance agents fail out of the business at a rate of around 90% or more.
I hope you enjoyed this article and learned more about how Freedom Equity Group works.
If you’d like more information about how my organization works, click the link here.