A system and method for monitoring the remaining useable life, or “wellness,” of a contactor or motor starter, and for predicting impending faults of such a device, is disclosed. By monitoring actuating coil current, actuating coil voltage, line current, and / or line voltage, the present invention can calculate wellness metrics which, when compared to threshold values, may be used as indicators of remaining life and / or imminent failures. The invention also provides non-mechanical positive indications of proper closures and openings of contacts for safety interlocking.