The first thing to say about offshore savings plans are that these are not bank savings accounts - they are policies into which your monthly contributions are invested in a range of equity based investment funds. If you are not prepared to see the value of your policy potentially go down rather than up. these are not the type of product for you. 
 
The term of an offshore savings plan can range from 5 years to 30 years which therefore makes it a useful vehicle for a variety of savings needs - whether this be a deposit for a house, saving for a child's future education costs, repaying a mortgage in 25 years time, or simply investing spare income.
 
Often, life assurance can also be 'bolted on' to make it a multi-purpose policy or ensure loved ones have enough money for the specific goal should the bread-earner die before the end of the savings term.