It can be comforting to hold stocks of strong companies that regularly pay passive income to shareholders. By selecting the right dividend stocks, an investor can easily put together a portfolio that yields around 3% every year in dividend income. If the companies you select grow their earnings, they'll also boost the dividend payment and the yield on your original investment.

To get you started, three Motley Fool contributors were asked to come up with their best stock picks that can pay you passive income for the rest of your life. Here's why they selected Coca-Cola (NYSE: KO), Philip Morris International (NYSE: PM), and Home Depot (NYSE: HD).

John Ballard (Coca-Cola): Investing in companies with strong competitive advantages can protect and grow your money over decades. Coca-Cola's global brand power and high annual sales volume would certainly fit the bill. They're why Warren Buffett has held a large position in the stock for over 30 years.

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Source Fool.com