@AbbiesAlchemy -- I can appreciate how a person might feel when learning this for the first time, especially if you're reading EWG. Liquid Germall Plus has had that trade name for as long as I've been making lotions and other products that need preservation, and the INCI name is readily available. It's not like the manufacturer is trying to hide anything.
LGP has a reputation as a safe and effective broad spectrum preservative. Its mode of preservative action is to release a trace of formaldehyde into the product to inhibit microbial growth.
People are horrified to hear the word formaldehyde, but it's good to keep this in perspective You will ingest more formaldehyde from eating an apple than you'll get from a product preserved with LGP per manufacturer's instructions. And you eat the apple and its formaldehyde, while a lotion (or soap or whatever) stays on the skin.
A preservative has to fight against the normal processes of decomposition, so an effective preservative has to be a chemical blend that is able to inhibit "what comes naturally". Formaldehyde is one of those chemicals that can accomplish this, but there are others to choose from too.
If you don't like LGP, there are other preservative options available, but please choose an
effective preservative or preservative combination. There are many "natural preservatives" that aren't all that effective. More:
Preservative Reviews