you're getting a $2 premium because the person on the other side of the trade believes there is significant downside risk to the stock price. If the shares decline and you get "put" the shares, you can be wiped out very quickly. Stop loss orders are totally useless when a stock is in free fall. imho you should use some of your proceeds to buy out of the money puts (50 or 55 strikes) to protect against another stock market correction or a company specific event.
yield is great but it should never take a back seat to preservation of principle
"If the shares decline and you get "put" the shares, you can be wiped out very quickly."
Yes, if the stock were to drop to under 68 I'd have a loss. But wouldn't I also have a loss if I owned the stock and it traded down to to under 70? If the stock opened tomorrow at 60 on bad news a stop loss is not going to help the stock holder or the investor selling the put.
If you're selling the 70 put, you must be willing to buy the stock at 70 which I currently am. Could my few change by June? Possibly but it's doubtful.