You can use the terms and services from Wordpress, it's GPL. That's what we did :).
I like Zippy's answer too ;-)
Assuming you are legally allowed to do so...
I wouldn't recommend it for practicality reasons. If a site describes "gathering email addresses from our superamazingdataminer " and your site has nothing of the sort, it makes no sense.
In short, make sure the policy matches your activity.
If privacy isn't critical for your brand, then the generators do a good job of covering the basics.