To error on the safe side I'd be tempted to change both the timing belt and the water pump at the same time as both are accessible at the same time. Thus saving labor costs. I'd change both at 100k kms for that reason alone.
I don't have any idea what the average life expectantcy is on a water pump. I believe it varies in accordance with irregular coolant changes, perhaps also the odd stuck thermostat causing an overheating condition.
Sometimes the fins on the back of the impeller can corrode away until the pump is no longer effective.
The water pump impeller shaft bearing can also prematurely wear out. When the bearing wears out, it emits a high-pitched squeeling sound. If you suspect it may be the pump, spray a little water on the serpentine belt (if this belt drives your water pump) and if the noise continues, replace the pump.
To identify excessive bearing wear, grasp the water pump pulley and try to force it up and down and from side to side. If the pulley can be moved in either direction there is wear on the bearing and it is wise to replace the water pump.
The above I have described is on the GM 3.4l V6 (chain drive).
Belt driven water pumps aren't accessible this way. The timing cover must be removed to access each.
