Most people are going to try and use 120v contactors as there are more readily avail... cheaper to get some used and/or replaced.
But like Bobby said you need that neutral wire in your box to get 120v. So you end up having to run 4 wire (two hots, neutral, and grnd). That may cost more for cabling and the breaker. If you're only 3wire then you're limited, and need to use 220v coils. A lot of people power their 120v pumps so we start out planning that way anyhow.