Building a second income portfolio requires more than just chasing high yields. Sure, the big names have a place, but often my favourite income stocks are those that most people overlook.

That’s why MONY Group (LSE:MONY) forms a core part of my own second income plan, even though it rarely makes the headline lists. While everyone fights over the usual FTSE 100 darlings, I’m happy collecting steady, well‑covered dividends from a business most investors barely notice.

The question is simple: if the cash is reliable, why does it matter if the stock’s boring?

Why boring’s good for income

MONY Group runs MoneySuperMarket, MoneySavingExpert and Quidco – well-established, cash‑generating comparison platforms that help keep the dividends flowing. It offers a higher-than-average yield around 5%, with years of consistent payments, a capital‑light model and a clear dedication to shareholders.

Critically, cash coverage is strong, which matters when your goal is reliable income – not just a big percentage on a screen.

Latest results (H1 2026) show a business operating steadily, if not spectacularly:

• Revenue: £227.1m, up 6% year on year.
• Adjusted EBITDA: £75.5m, up 3%.
• Basic earnings per share (EPS): 8.9p, up 4%.

Those numbers may not impress growth investors, but they’re sufficient to support ongoing dividend payments.

Of course, that doesn’t eradicate risk. Competition in price comparison is intense, traffic costs can rise, and regulatory changes in financial services or energy markets could squeeze margins. There’s also execution risk: new acquisitions must prove profitable, and partners can shift strategies.

Potential investors must keep that in mind, and always ask: does the yield compensate for those risks, or is there a safer path to the same returns?

The role of boring stocks in a diversified plan

Diversification matters because no single stock can guarantee income. That’s why it often pays to also consider boring, steady names like MONY Group.

The FTSE 250 houses many unknown-but-reliable dividend shares, and MONY’s just one good example. There’s several other mid‑caps I like that also deliver steady cash, such as TP ICAP and OSB Group.

But a mix of growth stocks, index trackers and global equities is also important. That blend helps smooth volatility and reduces the chance that one sector shock derails your income strategy. After all, what good is a high yield if the whole plan falls apart when rates move?

The bottom line

Sometimes you need to dig a bit deeper to uncover the best stocks. Screening for dividend history, cash coverage and payout ratio can bring unknown gems to the surface.

MONY Group fits that profile: a 5% yield, solid H1 2026 results and a model built for steady payouts. But screening’s only the start.

An investor should still do full research before making any decisions – scrutinising results, checking competitive threats, and stress‑testing the income plan. Don’t be put off by the work – the result could be a passive income stream that feels less like gambling and more like a salary you control.

But while I do love hunting for lesser-known hidden gems, there is one big FTSE 100 name we’ve identified that looks even more appealing right now…

What income stock do we like better than Mony Group Plc right now?

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Mark Hartley owns shares in MONY Group, OSB Group and TP ICAP.