New home power protection?


This summer I'm moving to SW MI where thunder storms are common.  They are rare where I live currently so have not worried about them here.  But with stories from others about damaged electronics from lightening I have questions since I'm not familiar with any of this.

1.  Is whole house surge protection at the panel effective and worthwhile?

2.  Apparently cable and phone line protection is separate and must be added to the panel protection.  I assume this is appropriate to add if going for whole house protection?

3.  The realtor ask about adding a generator.  I assume that is a separate issue to provide temporary power during an outage but does not offer line surge protection, correct?  The generator is triggered after the power fails, with or without a major surge (although that may be quite rapid), correct?

Thanks if you have knowledge on this issue to share. 
pryso
talk to the electrician and ask him/her how often you should check that panel surge suppressor to make sure it's still good - mine has a green light that is lit if it is - telling you this because if you get a significant lightning strike that makes its way to you it can end the life of the suppressor and need to be replaced. I had to do this once, but the suppressor did its job and took the impact 
@facten - I was wondering about this. I had a whole house supressor installed when I upgraded to 200 amp service in 2005. It is a Square D box that precedes the panel. The indicator light is still green. Yet, I know that MOVs wear down over time because of exposure to multiple smaller spikes. How long should this thing last before it should be replaced, even if the green lamp remains lit?
@bondmanp

To be honest the electrician did not indicate that I should be concerned with replacement other than if the green light was out. That said its probably best that we both check back as your point is correct that the MOV can wear down