A critical discussion on the presently available models for the relaxation time of magnetic nanoparticles approaching the superparamagnetic regime in the presence of interparticle dipolar interactions is considered. The direct implications of such interactions for magnetic fluid hyperthermia therapy through susceptibility loss mechanisms give rise to an indirect method for their study via specific absorption rate measurements performed on ferrofluids of different volume fractions. The theoretical support for the specific evolution of the relaxation time constant and the anisotropy energy barrier versus the interparticle interactions in a perturbation approach of the simple Néel expression for the relaxation time is provided via static and time-dependent micromagnetic simulations.