I think apart from gaming your kids are going to have to find new hobbies tbh, when I was on those speeds until recently you could either game or download, not both and it was barely good enough for netflix/youtube.
That was for one person too let alone a whole family, I imagine sharing that connection will just drive it into the ground.
I'd honestly base your quality of life on more than the internet though, there are bigger and better things for you and your family than being reliant on the internet 24/7 it will just take getting used to.
Been there done that, and I'm happy either way. love the download speeds but when I don't have internet I don't care, its a luxury not a necessity to be watching youtube and gaming all the time.