A system for estimating life of a power device, said system comprising: a temperature sensor coupled to said device, said temperature sensor configured to facilitate measuring an operating temperature parameter of said device and generate a temperature measurement signal that is representative of said operating temperature parameter; a database comprising an upper temperature limit value, a lower temperature limit value and a reference temperature parameter, the upper temperature limit value and the lower temperature limit value defining a range of elastic strain of the power device; and characterized by: a processor coupled to said temperature sensor and coupled to said database, said processor configured to adjust a value of the reference temperature parameter to keep the settings of the upper temperature limit value and the lower temperature limit value surrounding said operating temperature parameter, and comprising an integrator circuitry configured to calculate integrals of a function of absolute values of changes in value of said reference temperature parameter over time, in response to said operating temperature parameter exceeding at least one of said upper temperature limit value and said lower temperature limit value during a operational cycle to produce an integrated value of the changes in value of said reference temperature parameter, said processor being further configured to: estimate a remaining life period for the power device when the integrated value achieves a predetermined threshold value, wherein the predetermined threshold value correlates fatigue of the power device with the operating temperature parameter exceeding elastic limits defined by upper temperature limit value and lower temperature limit value; and initiate a signal indicating remaining life period; wherein the reference temperature parameter is designed to change in response to the operating temperature parameter exceeding the upper temperature limit value and/or the lower temperature limit value. a temperature sensor coupled to said device, said temperature sensor configured to facilitate measuring an operating temperature parameter of said device and generate a temperature measurement signal that is representative of said operating temperature parameter; a database comprising an upper temperature limit value, a lower temperature limit value and a reference temperature parameter, the upper temperature limit value and the lower temperature limit value defining a range of elastic strain of the power device; and characterized by: a processor coupled to said temperature sensor and coupled to said database, said processor configured to adjust a value of the reference temperature parameter to keep the settings of the upper temperature limit value and the lower temperature limit value surrounding said operating temperature parameter, and comprising an integrator circuitry configured to calculate integrals of a function of absolute values of changes in value of said reference temperature parameter over time, in response to said operating temperature parameter exceeding at least one of said upper temperature limit value and said lower temperature limit value during a operational cycle to produce an integrated value of the changes in value of said reference temperature parameter, said processor being further configured to: estimate a remaining life period for the power device when the integrated value achieves a predetermined threshold value, wherein the predetermined threshold value correlates fatigue of the power device with the operating temperature parameter exceeding elastic limits defined by upper temperature limit value and lower temperature limit value; and initiate a signal indicating remaining life period; wherein the reference temperature parameter is designed to change in response to the operating temperature parameter exceeding the upper temperature limit value and/or the lower temperature limit value. estimate a remaining life period for the power device when the integrated value achieves a predetermined threshold value, wherein the predetermined threshold value correlates fatigue of the power device with the operating temperature parameter exceeding elastic limits defined by upper temperature limit value and lower temperature limit value; and initiate a signal indicating remaining life period; wherein the reference temperature parameter is designed to change in response to the operating temperature parameter exceeding the upper temperature limit value and/or the lower temperature limit value.