Whole life dividend interest rates for 2027
Two companies have published 2027 rates: MassMutual at 6.85% (up 0.25 points) and Northwestern Mutual at 6.10% for most policies (up 0.35 points). One insurance agency reports Penn Mutual's 2027 rate at 6.25%, up 0.25 percentage points from 2026; the company has not stated it. Guardian and New York Life have not announced their 2027 dividends yet.
Sources last checked November 2, 2026.
2027 dividend interest rate by company
Companies are listed alphabetically. A rate appears once a document from the company states it; a rate that only insurance agency compilations report is labeled reported. Changes are in percentage points. Each company name links to its full rate history.
| Company | 2027 rate | Details |
|---|---|---|
| Guardian | Not announced | 2026 rate: 6.25%. 2026 dividend announced December 11, 2025. |
| MassMutual | 6.85% | Up 0.25 points from 6.60% in 2026. Dividend announced November 2, 2026: an estimated $3.3 billion in dividends. |
| New York Life | Not announced | 2026 rate: 6.40% (reported). 2026 dividend announced November 20, 2025. |
| Northwestern Mutual | 6.10% for most policies | Up 0.35 points from 5.75% in 2026. Dividend announced October 27, 2026: an expected $10.4 billion payout. |
| Penn Mutual | 6.25% reported | Reported by one insurance agency; the company has not stated it. Up 0.25 points from 6.00% in 2026. Dividend announced October 13, 2026: a record $360 million award for participating policyholders. |
Why the rate is not your policy's return
Each company uses its dividend interest rate as one input to its own dividend formula, alongside its mortality and expense results. Because the formulas differ, the same rate can mean different dividends at different companies. MassMutual's own dividend announcement says the rate is not a policy's rate of return and should not be the only basis for comparing insurers.
The return on a specific policy depends on its premiums and its values. On one Northwestern Mutual inforce illustration dated December 2025, a 5.75% dividend interest rate came with a projected 4.79% rate of return at age 65. How to calculate the real return on a whole life policy walks through where that gap comes from. The guaranteed, projected and actual returns of documented policies are collected in whole life insurance rate of return.
Payout headlines measure something else: the total a company expects to pay all of its participating policyholders. A record payout can come with an unchanged rate.
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Analyze your full illustrationDividend interest rates since 2006
Each panel shows one company's rate every year since 2006, on the same scale. Every figure is in the table under the panels.
Every year since 2006, by company
| Year | Guardian | MassMutual | New York Life | Northwestern Mutual | Penn Mutual |
|---|---|---|---|---|---|
| 2027 | Not yet | 6.85% | Not yet | 6.10% | 6.25% |
| 2026 | 6.25% | 6.60% | 6.40% | 5.75% | 6.00% |
| 2025 | 6.10% | 6.40% | 6.20% | 5.50% | 6.00% |
| 2024 | 5.90% | 6.10% | 6.00% | 5.15% | 5.75% |
| 2023 | 5.75% | 6.00% | 5.80% | 5.00% | 5.75% |
| 2022 | 5.65% | 6.00% | 5.80% | 5.00% | 5.75% |
| 2021 | 5.65% | 6.00% | 5.80% | 5.00% | 5.75% |
| 2020 | 5.65% | 6.20% | 6.00% | 5.00% | 6.10% |
| 2019 | 5.85% | 6.40% | 6.00% | 5.00% | 6.10% |
| 2018 | 5.85% | 6.40% | 6.10% | 4.90% | 6.34% |
| 2017 | 5.85% | 6.70% | 6.20% | 5.00% | 6.34% |
| 2016 | 6.05% | 7.10% | 6.20% | 5.45% | 6.34% |
| 2015 | 6.05% | 7.10% | 6.20% | 5.60% | 6.34% |
| 2014 | 6.25% | 7.10% | 6.00% | 5.60% | 6.34% |
| 2013 | 6.65% | 7.00% | 5.90% | 5.60% | 6.34% |
| 2012 | 6.95% | 7.00% | 5.80% | 5.85% | 6.34% |
| 2011 | 6.85% | 6.85% | 6.11% | 6.00% | 6.34% |
| 2010 | 7.00% | 7.00% | 6.11% | 6.15% | 6.34% |
| 2009 | 7.30% | 7.60% | 6.14% | 6.50% | 6.34% |
| 2008 | 7.25% | 7.90% | 6.79% | 7.50% | 6.34% |
| 2007 | 6.75% | 7.50% | 6.79% | 7.50% | 6.30% |
| 2006 | 6.50% | 7.40% | 6.79% | 7.50% | 6.30% |
Common questions about whole life dividend rates
What are the whole life dividend interest rates for 2027?
Two companies have published 2027 rates: MassMutual at 6.85% (up 0.25 points) and Northwestern Mutual at 6.10% for most policies (up 0.35 points). One insurance agency reports Penn Mutual's 2027 rate at 6.25%, up 0.25 percentage points from 2026; the company has not stated it. Guardian and New York Life have not announced their 2027 dividends yet. Each rate is one input to that company's dividend formula, not the return on a policy.
When do mutual life insurers announce their dividends?
Each company sets its own date. The announcements recorded on this page came between October and December. For 2026: Northwestern Mutual on October 28, 2025, MassMutual on November 3, 2025, New York Life on November 20, 2025 and Guardian on December 11, 2025. For 2027 so far: Penn Mutual on October 13, 2026, Northwestern Mutual on October 27, 2026 and MassMutual on November 2, 2026.
Is the dividend interest rate the return on a whole life policy?
No. Each company uses its dividend interest rate as one input to its own dividend formula, alongside its mortality and expense results, so the rate is not a policy's return. MassMutual's own dividend announcement says the rate is not a policy's rate of return and should not be the only basis for comparing insurers. On one Northwestern Mutual inforce illustration dated December 2025, a 5.75% dividend interest rate came with a projected 4.79% rate of return at age 65.
Does a record dividend payout mean a higher dividend interest rate?
Not necessarily. The payout is the total a company expects to pay all of its participating policyholders, so it depends on how much participating business the company has as well as on its dividend scale. Penn Mutual described its 2026 dividend as a record, and its 2026 rate, as reported by insurance agency compilations, was unchanged from 2025 at 6.00%.
Sources. 2006-2025: MassMutual, Whole Life Historical Dividend Interest Rate: 20-Year History, a compilation MassMutual publishes for financial professionals from outside sources.
Guardian. 2026 rate: Guardian stated the rate in its announcement of the 2026 dividend. 2026 dividend announcement, December 11, 2025. Guardian changed its dividend calculation method in 2008, according to MassMutual's compilation.
MassMutual. 2026 rate: MassMutual stated the rate in its announcement of the 2026 dividend. 2027 rate: MassMutual stated the rate in its announcement of the 2027 dividend. 2026 dividend announcement, November 3, 2025. 2027 dividend announcement, November 2, 2026. MassMutual's historical figures are for the block of policies issued after its 1996 merger with Connecticut Mutual, as its compilation reports them.
New York Life. 2026 rate (reported): New York Life's dividend announcement gives the total payout rather than the rate, so the figure comes from insurance agency compilations. 2026 dividend announcement, November 20, 2025. New York Life changed its dividend calculation method in 2010, according to MassMutual's compilation. Published compilations differ for two years. MassMutual's shows 6.20% for 2017 and 6.00% for 2020, while the agency compilations show 6.30% and 6.10%. This page uses MassMutual's figures.
Northwestern Mutual. 2026 rate: Northwestern Mutual stated the rate in its explanation of how it determines dividends, which it has since updated to show the 2027 rate. 2027 rate: Northwestern Mutual states the rate in its explanation of how it determines dividends. 2026 dividend announcement, October 28, 2025. 2027 dividend announcement, October 27, 2026. Insurance Geek's dividend history compilation also reports 5.75% for 2026.
Penn Mutual. 2026 rate (reported): Penn Mutual's dividend announcement gives the total award rather than the rate, so the figure comes from insurance agency compilations. 2027 rate (reported): Penn Mutual's announcement gives the total award rather than the rate. The figure comes from an insurance agency's review of Penn Mutual (Insurance and Estates, updated October 19, 2026). 2027 dividend announcement, October 13, 2026.
Reported figures for 2026 match the agency compilations published by Top Whole Life and Insurance Geek.
Rates are not guaranteed and are set each year by each company. Sources last checked November 2, 2026.
ParityPoint is not affiliated with, endorsed by, or sponsored by any insurance company. Company names are used only to identify the companies whose published dividend rates are described.