I've got some funds rolling over from a past employer 401K to a new bank. Typically, I’ve been investing it in SP500. With a long investment horizon, I’m willing to take the chance with broad equity market risk. 

When I talked to an advisor, he recom͏mended a no-fee variable annuity, which has a 6-year term and an upside cap on gains of 65%. It also has no fees should I choose the SP500 as an underlying index. 

For a long time, I’ve heard that fees and volatility were the biggest drawbacks for variable annuities. But, with this being a no-fee VA, should I jump at this opportunity? And, if not, what’s the be͏st alternative.