I used to think that WoWo, but the idea of finding such a thing is not nearly as remote as you think. There are new species (and sub-species) of insect being discovered all the time. There are so many insects and relatively few people studying them.
My friend's dad has a few african butterflies named after him, because he discovered them. If you think you have something different, you should contact the head honcho at the Entomology Dept, Natural History Museum. They are always interested in potential new species. I could easily find out more about the process if you actually already have a specimen, if you want.
As for money - no, I don't think so. You would definitely have your name in print though (in insect books, obviously) because you would certainly have it named after you, as the chap who discovered it.
Just out of interest, if you have something already, what type of insect is it (moth, beetle, fly etc)?