In my Mrs EF fairmont the radiator light is on continusly and the water pump doesnt sound to healthy.
It doesnt get hot although in the hotter months I would have fill the radiator bottle more often.

Which radiator light? Low water, or the overheating one? If its overheating, and it is hot, then youre in trouble. If however, its the low water light, and theres plenty of water in the thing, then the sensor is more than likely to be damaged. Just make sure you keep a close eye on things, otherwise you'll end up with a nice little damage bill that you dont want or need