To me, this seems like a good faith effort to improve work life for your teammates, and build a company where people feel well-cared for.
Remote teams inherently have more communication friction than co-located teams, and - if we want to bridge some of the resulting emotional gap - we'll need new practices to do so.
Incidentally, what OP suggests isn't anything new. Just Google "red yellow green check in"[1].
I've found three ways of building emotional honesty and openness: 1/ regular 1:1s to listen to your direct reports and build trust 2/ lead by example 3/ every week we have a team meeting. During that meeting, everyone on the team answers a question. The question gives them the opportunity to open up about some aspect of their life -- to be better known and understood by their teammates.
[1] https://blog.travis-ci.com/2016-06-09-start-meetings-with-pe...