The trend towards miniaturization along with the availability of multilayer ceramic capacitors (MLCCs) in a wide range of voltage ratings and capacitances, makes MLCCs a viable option to be used in applications that were previously reserved for electrolytic capacitors. Capacitors are widely used in filtering applications that involve current flowing through them because of a varying voltage, which is known as ripple current. The power dissipated by the parasitic resistance (ESR) of the MLCCs raises its temperature when current flows through it. Operating under elevated temperatures over extended periods of time has the potential to degrade the performance of the MLCC resulting in a catastrophic failure or operating outside the limits. This study analyzes the performance of MLCCs when they are subjected to a varying voltage and compares the effects of different voltage ratings on the degradation of their electrical characteristics during extended exposure to ripple current. The failure mechanism for the degradation in insulation resistance observed in the tested MLCCs is also presented.