Even among those of us who invest for long-term passive income, we have different preferences and approaches to risk.

But there are a few stocks and sectors I still keep an eye on.

Very long term

I’ll start with City of London Investment Fund (LSE:CTY), as an example of an investment that many people overlook.

Mutual funds can hold back cash in the best years to maintain payouts in the bad years. And that helps people who want to receive regular income. Now, like any dividend, that’s still not guaranteed. But it can reduce the risk.

What’s more, the City of London topped the Association of Investment Companies’ Dividend Heroes list after increasing its dividend for 58 years running, currently standing at 4.7%.

This does show a potential pitfall though. If it misses a year, I think the share price could take a hit.

Diversity

Thanks to this trust we get a mixture BAE Systems, Shell, HSBC Holdings, AstraZenecaand many more. I would consider buying all of these individually for the dividends, but the diversification in one holding is a bonus.

There are many other mutual funds that have their own investment strategies. I always have at least one.

Two sectors

Next, I would like to highlight two sectors that have always ranked high among my passive income investments. I mean banking and insurance.

I bought some Lloyds Banking Group AND Aviva shares a few years ago and I still like them both. Starting today, I would choose Lloyds again, with a projected dividend yield of 5.1%.

Risk balance

Its exposure to the mortgage market adds some risk, and we could see volatility when interest rates are high. And I suspect that could last longer than we might expect.

But I prefer it to the China risk of HSBC with its 7.5% forward yield.

And my insurance choice today? Most likely Legal and general information for a 9% yield. I would take cyclical risk on such a long-term cash cow.

Two champions

Finally, I will mention two of my favorite passive income sources that I have never purchased, but have often thought I should.

There is one British American Tobaccois forecast to bring in 8.4% this year. It depends on the long-term future of tobacco, but alternative products could maintain that level for decades to come.

And ethical issues must be resolved by individual investors.

Capital shock

National Network is the second, with a 5.8% yield on the cards. Its monopoly position and relative transparency of earnings make it beloved by many long-term investors.

But it has shaken confidence a bit with this year’s share issue, which has slightly diluted the dividend. Having done it once, there is concern it could do it again.

What to buy?

There will be large differences in the stocks that each of us will want to hold in the coming decades. And I really think that’s the timescale that we need to think about.

However, I truly believe we can all benefit if we at least consider stocks that other passive income investors like and own.