Bill, all the coolant loss sensor tells you is that the coolant level has dropped below the level of the lower third of the reservoir. This can happen on a cold morning if your summer coolant level is otherwise normal, or it can be the harbinger of sudden and catastrophic loss. When it lights up, you need to stop and assess things. In some cases, you need to shut the engine off ASAP.

I agree that a mere lamp can be overlooked. You could easily wire in a buzzer if that provides more peace of mind.