There could be a substantial sum of money sitting somewhere with your name on it. Americans have discovered more than $1 billion in unclaimed life insurance policies and annuities just over the last couple of years.

A life insurance policy is often forgotten by loved ones who become ill, develop dementia or die. Sometimes, insurers cannot find a beneficiary due to outdated contact info or are unaware the policyholder has died.

There is no master list for unclaimed life insurance policies in this country. The Social Security Administration keeps tabs on people who receive benefits so that these payments don't continue to be sent to the deceased, but that doesn't include everyone.

Consumer Reports estimated that in 2013, that the odds of you having a missing life insurance payment left in your name were about 1 in 600. During that time, the average payout was $2,000, but there were cases where the payout was as much as $300,000.

Unclaimed death benefits and dividend checks from the Department of Veterans Affairs life insurance funds are, however, kept in the database. So if you know a loved one was a veteran, you may want to check the VA database first to see if there was a policy in your name.

The system at the VA is not foolproof either. There are times when the post office cannot find the rightful recipient, and as a result, the VA is notified that it cannot deliver the funds.

To find out more about the policyholder, first, ask close friends and family members. It might introduce you to various advisors, such as lawyers, financial planners, accountants and insurance agents.

Finally, there are 29 states that have websites where you can search to see if there is any unclaimed money left in your name.