The short answer
Three companies print a dividend interest rate in their own words. MassMutual set 6.85% for 2027, Northwestern Mutual states 6.10% for most policies in 2027, and Guardian's latest is 6.25%, set for 2026. New York Life, Penn Mutual and State Farm publish payout dollars only. Every figure here is not guaranteed, and none is a rate of return.
- MassMutual 2027
- 6.85%
- Northwestern Mutual 2027
- 6.10%
- Guardian 2026
- 6.25%
- Checked
- Nov 10, 2026
On this page
One company, 156 declared rates
Most trackers begin in 2006 or 2016. Northwestern Mutual's own sheet, form 71-0057 as revised in October 2009, prints its rate for cash value policies every year from 1872 to 2010[1]. ParityPoint's series for the same company matches it exactly from 2006 to 2010, so we joined the two and took 2011 onward from ParityPoint[2]. The 2027 figure is on the company's dividend page[3].
The long view corrects a common claim. The bottom was not the 4.90% of 2018. It was 3.10%, held from 1949 through 1952. The top was 11.25% in 1986. The rate climbed slowly through the 1970s, then fell for most of three decades.
- Declared rate, not guaranteed. 7.00% in 1872, 3.10% in 1949 to 1952, 11.25% in 1986, 4.90% in 2018, 6.10% in 2027
- Rule after 2010, where the company sheet ends
The sheet sets its own terms. Its figures apply to policies with a 6% loan rate in 1974, an 8% loan rate from 1975 to 1981, a 4% reserve rate from 1978 to 1985, and from 1982 to unborrowed values under direct recognition[1]. A lower column for Single Premium Life runs beside it from 1987. We chart only the main column. More is on the Northwestern Mutual history page.
With 2008, all 19 later rates come out lower, the same count ParityPoint reports for a 2008 illustration[4]. Type 1980 and it flips, since the 1980s ran far above that year's 6.95%. Illustrations follow the NAIC Life Insurance Illustrations Model Regulation and ASOP 24, which tests that the current scale is self-supporting today[5]. Nothing in that test holds the scale still. See actual vs illustrated for how old sales pages compared with what was paid.
2026 and 2027, company by company
MassMutual's 2027 release carries both the 6.85% and an expected $3.3 billion[6]. Northwestern Mutual's release gives $10.4 billion, about $8.9 billion of it for whole life owners, and no rate[7]. Guardian raised its rate to 6.25% for 2026 with $1.7 billion[8]. The rest of the table is a payout or a figure somebody else reported.
| Company | 2026 | 2027 | Payout stated | Who stated the rate |
|---|---|---|---|---|
| MassMutual | 6.60% | 6.85% | $3.3B, 2027 | Company[6], 2026 per two trackers[9][10] |
| Northwestern Mutual | 5.75% | 6.10% | $10.4B, 2027 | Company page[3], 2026 per trackers[9][2] |
| Guardian | 6.25% | Not out | $1.7B, 2026 | Company[8] |
| New York Life | 6.40% | Not out | $2.78B est., 2026 | Third parties[9][11], company gives dollars[12] |
| Penn Mutual | 6.00% | 6.25% reported | $360M, 2027 | Third parties[9][11], release has no rate[13] |
| Lafayette Life | 5.90% | Not found | Not found | Third parties[9][14] |
| Foresters (US) | 6.00% | Not found | Not found | Insurance & Estates only[14] |
| Ameritas | 5.10% | Not found | Not found | Insurance & Estates only[14] |
| State Farm, two life companies | No rate | No rate | $924M paid, 2025 | Company, dollars only[15] |
| AuguStar, formerly Ohio National | n/a | n/a | n/a | No longer a mutual[16][17] |
Checked November 10, 2026. Dividend interest rates as stated by the named source. Payouts are company totals. A third-party figure is not confirmed by the company. Dividends are not guaranteed.
Where a dividend comes from
A participating dividend returns part of what the company charged once a year turns out better than its pricing assumed. MassMutual splits it into an investment part, a mortality part and an expense part, and says its rate drives only the first[18]. Northwestern Mutual's own method adds interest and the gross premium, then subtracts a mortality and expense charge[3]. A board decides the scale each year. Lafayette Life's page lists the usual four uses and adds that dividends may be changed at any time[19].
- Company results
- Dividend uses, not guaranteed
How the four uses compare over decades is on dividend options.
A rate is an input, not a yield
MassMutual quotes its rate net of investment expenses and notes that some companies quote theirs before them[18], so 6.85% and 6.25% may not measure the same thing. In four illustrations ParityPoint measured, projected returns at 65 ran 1.01 to 1.88 points under the scale's rate[4].
Example. What a 1.40 point drop does to $100,000 of policy value
- Policy value after charges, made-up
- $100,000
- Credited at the 2008 rate, 7.50%
- $7,500
- Credited at the 2027 rate, 6.10%
- $6,100
- Less interest in one year
- $1,400
Northwestern Mutual rates for 2008[1] and 2027[3], neither guaranteed. The sheet defines its rate as interest credited after policy charges, and the dividend also moves with mortality and expense results. The $100,000 is made up for scale.
Ownership, recognition and loan rate in one view
Ownership says who the surplus belongs to. Recognition says whether borrowed values earn the same dividend as the rest. The loan rate is what borrowing costs. We found no tracker that sets all three beside the dividend, so here they are, each dated.
| Company | Ownership | Recognition | Loan rate, as reported |
|---|---|---|---|
| Northwestern Mutual | Mutual[16] | Direct only[20] | Not stated in our sources |
| MassMutual | Mutual[16] | Non-direct, direct option on some products[21] | 5.53% variable, Aug 2026[22] |
| Guardian | Mutual[16] | Direct[22] | 5.00% fixed, years 1 to 10, Aug 2026[22] |
| New York Life | Mutual[16] | Not stated in our sources | Not stated in our sources |
| Penn Mutual | Mutual[16] | Direct[9] | 5.30% variable, Sep 2026[20][22] |
| Lafayette Life | Stock company under a mutual holding company[16] | Non-direct[23][22] | 6.75% variable, Aug 2026[22] |
| State Farm | Not verified for the life companies | Not stated in our sources | Not stated in our sources |
Checked November 10, 2026. Loan rates are dated third-party reports, not company schedules, and reset on each company's terms. Not stated means no source we opened gives it.
A policy loan reduces the death benefit by what is owed. If the balance outgrows the cash value the policy lapses, and a lapse is taxed like a surrender, so gain can be taxed with no cash in hand[24]. Tax points here are general, so confirm yours with a tax professional. Rates over time are on policy loan rates, and the ownership forms on mutual and stock insurers.
Where the trackers disagree
- MassMutual before 2012. Its own study gives 7.55% for 2006 and 7.45% for 2009 on the pre-1996 block[18]. ParityPoint shows 7.40% and 7.60%[10]. MassMutual says one rate has covered all blocks since 2012, and the series agree after that. We label the block on older years.
- Penn Mutual 2027. ParityPoint lists 6.25% as reported by one agency, not stated by the company[11]. The October 13, 2026 release gives a dollar award and no rate[13].
- Penn Mutual at 5.3%. Insurance Geek labels 5.3% a dividend rate, the same as Penn's 5.30% loan rate on that page[20], while other sources show 6.00% for 2026[9]. We read it as the loan rate.
- Lafayette 2024. Lafayette declared three rates that year by issue date. The 5.30% often quoted is for policies issued after June 15, 2005[9]. See the Lafayette Life page.
When each company announces
We re-check on this calendar.
- Penn Mutual
- Mid October. Oct 13, 2026[13]
- Northwestern Mutual
- Late October. Oct 27, 2026[7]
- MassMutual
- Early November. Nov 2, 2026[6]
- New York Life
- Late November. Nov 20, 2025[12]
- Guardian
- Mid December. Dec 11, 2025[8]
- State Farm
- Late February, with annual results. Feb 26, 2026[15]
Questions people ask
Which whole life companies pay dividends?
Participating policies from mutuals such as MassMutual, Northwestern Mutual, Guardian, New York Life and Penn Mutual, and from some companies held under a mutual holding company. Each announced a payout for 2026 or 2027. No payout is guaranteed.
Is a higher rate a better policy?
Not on its own. Companies measure the rate differently and charge differently inside the policy. Compare illustrations on the same premium, guaranteed column first.
Has the rate ever been lower than today?
Yes. Northwestern Mutual's sheet shows 3.10% for 1949 to 1952, well under 2018's 4.90%. Its high was 11.25% in 1986.
Last updated November 11, 2026. Found an error? Tell us and it goes in the corrections log.
Sources (24)
- Northwestern Mutual, dividend interest rate for cash value policies, form 71-0057 (Rev. 10/09), held on an agent's file server. Opened November 10, 2026. admin.emeraldconnect.com
- ParityPoint, Northwestern Mutual dividend interest rate by year, no date shown. Opened November 10, 2026. www.paritypoint.app
- Northwestern Mutual, page on dividend-paying whole life, no date shown. Opened November 10, 2026. www.northwesternmutual.com
- ParityPoint, whole life rate of return, checked October 30, 2026. Opened November 10, 2026. paritypoint.app/whole-life-insurance-rate-of-return
- Actuarial Standards Board, ASOP No. 24, effective December 1, 2024. Opened November 10, 2026. www.actuarialstandardsboard.org
- InsuranceNewsNet, reprinted MassMutual release on its 2027 dividend, Nov. 2, 2026. Opened November 10, 2026. insurancenewsnet.com/innarticle
- Northwestern Mutual newsroom, release on the expected 2027 payout, dated 2026-10-27. Opened November 10, 2026. news.northwesternmutual.com/2026-10-27
- Guardian Life newsroom, release on its record 2026 dividend allocation, Dec. 11, 2025. Opened November 10, 2026. www.guardianlife.com
- The Insurance Pro Blog, Are whole life dividends finally rising again, updated October 31, 2026. Opened November 10, 2026. theinsuranceproblog.com
- ParityPoint, MassMutual dividend interest rate by year, no date shown. Opened November 10, 2026. paritypoint.app/carriers/massmutual
- ParityPoint, dividend rates by company, checked November 2, 2026. Opened November 10, 2026. paritypoint.app/whole-life-dividend-rates
- New York Life newsroom, release on its record payout for 2026, dated November 20, 2025. Opened November 10, 2026. www.newyorklife.com
- PR Newswire, Penn Mutual release on its record dividend award for 2027, Oct. 13, 2026. Opened November 10, 2026. www.prnewswire.com
- Insurance & Estates, top dividend paying companies, updated March 3, 2026. Opened November 10, 2026. insuranceandestates.com/top-10
- State Farm newsroom, results release for 2025, Bloomington, 26 February 2026. Opened November 10, 2026. newsroom.statefarm.com
- bankingtruths, mutual vs stock vs mutual holding companies, updated September 2026. Opened November 10, 2026. bankingtruths.com
- Constellation Insurance, Ohio National life business rebranded to AuguStar Life, July 17, 2023. Opened November 10, 2026. constellationinsurance.com
- MassMutual, Historical dividend studies, LI7954 1022, 2022, posted on an agency website. Opened November 10, 2026. www.gbslife.com
- Lafayette Life, whole life products page, last updated 8/11/2025. Opened November 10, 2026. www.westernsouthern.com/lafayette
- Insurance Geek, company comparison, updated September 23, 2026. Opened November 10, 2026. www.insurancegeek.com
- Insurance & Estates, direct vs non-direct recognition, updated August 31, 2026. Opened November 10, 2026. insuranceandestates.com/direct-recognition
- BetterWealth, policy loans at four carriers, August 25, 2026. Opened November 10, 2026. betterwealth.com/blogs
- Insurance & Estates, Lafayette Life review, updated February 27, 2026. Opened November 10, 2026. insuranceandestates.com/lafayette
- Kitces.com, 1035 exchange of unneeded life insurance into an annuity, modified 2025-03-11. Opened November 10, 2026. www.kitces.com
