Yup, it’s a standard procedure of AV software to delete any malicious executable. That’s why I said you can give it a go by installing it again and whitelisting yourself, otherwise, you are locked out of using the software while they whitelist it (you still need to install it again afterward though).
There are no separate free and paid versions, btw. It’s only one installer and the software unlocks features based on what packages you own. So downloading the installer from https://overheadgames.com/epic-character-generator/ will get you the same version you always used.