We have an altitude preselect alerter, which notifies us when within 1000' feet of the assigned altitude we put in the window. It also shows a amber light at the same time as the sound. The light goes out when within 200' of the selected altitude. The light also activates (flashing), as well as the sound, when we stray 300+ feet from the selected altitude.
When the autopilot is engaged, any vertical mode (vertical speed, airspeed, climb modes) will capture that altitude. So it serves and autopilot purpose as well.