Investors are nervous. That's what the CBOE S&P 500 Volatility index says anyway. Also more colloquially called "the fear gauge," it's back within sight of a multi-month peak hit earlier this month. All too often, once it reaches this point, it ends up soaring in conjunction with a full-blown market correction.

That doesn't mean you need to get out of the market altogether, though. In fact, this sort of weakness can actually be bullish for defensive names built to hold up even when other stocks can't. Here are three such names to think about owning if the market continues to deteriorate, forcing the crowd to seek out safety.

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Economic turbulence might prompt someone to postpone the purchase of a new automobile or turn a vacation into a staycation. The odds of anyone feeling financially strapped enough to cancel their mobile phone service, though, are pretty slim. Indeed, healthy or not, most Americans are effectively addicted to their handheld devices, staring at their screens for an average of over five hours per day, according to numbers from Harmony Healthcare IT.

While arguably bad for Americans' mental health, this measure underscores the persistent demand for cellphone service from a name like Verizon Communications (NYSE: VZ).

And Verizon is the pick of the litter among your options right now. Its forward-looking dividend yield stands at 5.7%, offering cash income at a time when most investors will be happy with any upside they can get.

Coca-Cola's (NYSE: KO) dividend yield of 2.8% is obviously much lower than Verizon's. What you're getting in exchange for less income, however, is irreproachable quality and reliability.

Coca-Cola is, of course, the name behind world's best-known namesake carbonated beverage. It's not just Coke though. The Coca-Cola Company also owns Gold Peak tea, Minute Maid juice, Powerade sports drink, Dasani water, and a slew of others. It's got something to meet every consumer's ever-changing beverage preference.

That's not the only reason this stock's a solid addition to nearly anyone's portfolio, however. Neither is the dividend, for that matter, even though it's now been raised for 64 consecutive years.

Rather, Coca-Cola is an ideal holding for hard times because consumers tend to keep buying their favorite consumer staples regardless of the economic backdrop just because they remain affordable when other, more expensive splurges fall out of favor.

Last but not least, add WM (NYSE: WM) to your list of defensive stocks to buy when marketwide weakness is brewing; you may know the company better as trash removal outfit Waste Management.

Like Coca-Cola and Verizon, it's such a commonly suggested pick for a wobbly market that it's almost become a cliché. After all, regardless of how their finances are holding up (or not), everyone's always creating garbage that needs to be disposed. No one's simply going to let it pile up.

Whether or not it's a clichéd stock pick, however, history shows it's still a smart one, often rallying the very most when the overall market is retreating -- or even just when it's stalling. That's certainly been the case since November, as it was when most other stocks were struggling early last year.

That being said, do recognize that WM shares also can and do make forward progress when the broad market is doing the same.

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James Brumley has positions in Coca-Cola. The Motley Fool recommends Verizon Communications and WM. The Motley Fool has a disclosure policy.

3 Defensive Stocks to Buy When the Stock Market Fear Index Soars was originally published by The Motley Fool