I was going to suggest one but I see klrrider already did, it works great.

For free... http://www.freeprivacypolicy.com/

I personally use auto web law. Purchased it a couple of years ago. I place three pages on each of my sites and have the links to them only showing in the footer to please G. These are Privacy Policy, Affiliate Disclosure & Terms of Use.

As far as Adsense, I have it on many of my sights as secondary monetization (sp?) usually at the bottom of my page (http://xbox-ring-of-death-fix.com/). Sorta of like collecting recycle money, not much but it helps.

You need a lot of sites and lots of traffic to make any real money with adsense. A pure adsense model would be tough to make money on... not that it can't be done.

Re: Adsense: post for help in the live chat... and also look in the forums and tutorials. I am sure you are allowed to have your own privacy policy for your customers.... I do not use adsense so I cannot help you with that part. Also you could ask, Apina, TJ Booker, Kyle, Carson or Jay. Search their names and leave a message in their blog. Apina spends a lot of time in chat, so start there.

Oh, I forgot Kyle and or Carson published a good guide to making money from Adwords, which I think you should be able to get a copy of as a member.

You can apply a lot of the logic to how and where you should place Adsense ads. I find that I get better results if I exclude certain ads such as porn etc. Explore in the Adsense system and you will find out how to do this. If you need more help post in the relevant forum here and you will get loads of responses.

If you have the courage and they will not eat you just ask in the live chat when Kyle or Carson are on, or Magistudios, they can and will help. You can always PM them if you want specific advice too.

First read all of Google's current policies on Adsense, you will find them when you apply for an account. Privacy Policies depend on what you intend to do with the data and which country in which you reside. It is probably best to get legal advice, but failing that find one on a site very similar to what you intend to promote and make a copy. Then edit it and make it specific to your site. It is still best to have a lawyer reviwew it if you can afford it though.