One of the reasons I have mine installed on a sub-panel is that I have one light only wired on the grid power. I turn on the switch when I turn on the generator and when the light comes back on, I know it is time to shut down the generator and switch back over.
For a power failure alarm, we have a number of emergency lights that charge small flashlights that come on when power fails. When these lights come on, it is time to start the generator. These have the added advantage that they provide enough light for me to navigate in the house to get to a real flashlight so I can start the generator. Usually we know when a power failure happens without needing any kind of alarm.