Looking at the main HUD of the game, there seems to be no indicator of squad health, only their picture (which doesn't seem to indicate anything other than dead) and Shepard's health/shields (for obvious reasons). Pausing the game does not seem to bring up any indicator either.
The only thing I could find was the actual health levels in the Squad menu, but this is nonideal in the heat of combat in order to glance at who is about to die. Any idea if there is a way to display them without a mod, or is it something planned in a future patch?