"As rates rise, we have money coming due at regular intervals," said Cassaday, president and chief executive officer of Cassaday & Co. "We get a reasonable return on the funds and have the cash to roll over into higher-yielding securities as rates rise."
The U.S. economic recovery, added Cassaday, is likely to be broader and deeper than many anticipate, which bodes well for issuers of lower-quality debt.
"The ability of these companies to pay back debt and pay interest will get better as the economic environment continues to improve," he said.
Read MoreBonds still a safe bet? It depends
Higher rates may be inevitable, but that doesn't make them imminent. The Federal Reserve may halt or slow its so-called taper if the recovery stalls. What's more, a major stock market correction could send billions flowing back into bond funds and Treasurys, pushing up prices and driving down yields as a result. Indeed, the growing crisis in Ukraine has unsettled investors around the world, jolting stock exchanges and producing a so-called flight-to-quality.
"If you bet in one direction and you are wrong, that can be painful," noted Ashby at Adams Ashby Financial Advisors. "But if you spread your risk, you can minimize your losses and get gains in places where you least expected them."