Growing up in a traditional Chinese family, there was always one thing that made me excited whenever special occasions are around the corner – receiving ang paos from my elders. But as time passed and I grew older, I went from being the receiver to the giver of these traditional gifts.
You see, for the Chinese, it’s customary to give ang paos as gifts during major annual events such as birthdays and the New Year. These red packets filled with cash are believed to bring prosperity to the receiver and ward off any evil spirits that wish to do harm. More importantly, it’s also a way for elders to express their love to the younger and unmarried members of the family – a reminder of sorts that they still care deeply and are thoughtfully watching over them.
Many givers, such as myself, wish to carry on with this practice for as long as we possibly can. But, time doesn’t stand still for anyone, and with it come many changes in life. Meaning there’s no assurance that we can continue to take part in this long standing tradition for as long as we want to.
Don’t worry though as there’s actually a way for ang pao givers to continue to share their love to their children, grandchildren, godchildren, or whoever it may be regardless of where they are in life.
Endowment Policies
In place of the yearly ang paos, givers might instead want to consider purchasing an endowment policy and name their receivers as the endowment beneficiary.
Endowment policies are a type of life insurance policy that not only offer life coverage but also a non-taxable endowment benefit. What this essentially does is it lets the beneficiary of this benefit receive regular fixed amounts on a specific time frame. As a policyholder, you can, for instance, schedule the release of these funds on the birthday of the beneficiary or during Chinese New Year every year.
This saves you from having to withdraw or secure cash whenever these occasions roll around by leaving the insurance company to do the giving on your behalf.
Secondly, it makes it easier to micromanage the amount you’ll give in your ang paos, so that you’ll never go above a reasonable budget. As much as it’s great to give, you, of course, have to also consider your own means to do so.
Last but definitely not the least, it allows you to keep the tradition of giving ang paos alive even after you’ve departed, serving as a gentle reminder to receivers that your love is truly endless and goes beyond life itself.
Family Ties
Remember, you don’t necessarily have to be a grandparent to give ang paos. These types of setup work for just about any type of parental or familial relationship, be it godfather to godchildren; uncle and aunt to nephew or niece; or even parents to their own children.
The money in the ang paos, regardless of the amount, is the most practical gift you can ever give someone. More than just sharing wealth, the true essence of giving these so-called “symbols of good fortune,” is all about celebrating the bonds that tie us together. It’s a sacred act of gift-giving among the Chinese that affirm the people they hold close to their hearts.
If you’re now planning to purchase an endowment policy, don’t forget to first consult with a licensed financial planner on how to best go about it.
linkiNG you to opportunities,
READ MORE:
- Life Insurance: Preparing for the Inevitable
- Getting Good Value: How To Make Premiums More Affordable
- Staying One Step Ahead of Disabilities That Can Put You Out of Action
- How You Can Secure Your Family’s Future From Life’s Uncertainties
- Workplace Stress: The Struggles of Working During A Pandemic
- Providing Healthcare Programs For Your Employees Amid The COVID-19 Pandemic
- Perks of Investing At An Early Age