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If you have a dial-up modem, PassMark Modem Test is an option for you. This diagnostic tool will check out your modem and phone line for problems. In addition, it will walk you through steps to eliminate or determine other connectivity issues such as TCP/IP settings or problems with your Internet Service Provider.
This tool offers two separate types of tests as well. One uses two modems and two phone lines in a master / slave configuration, and the other utilizes a single phone line and modem. You can try both tests or simply use the one that works best for you.
PassMark Modem Test costs $15, although there is a free 30-day evaluation period.