No, you shouldn’t unless your personal injury lawyer advises you. A release will absolve the other party (typically an insurance company) from paying your claim. Any insurance company would love to have your signature on a release of liability in exchange for a small settlement, but that wouldn’t be fair to you.
Once a fair settlement agreement has been reached, a release of liability clause will be included in a settlement agreement that you both will sign. This clause ensures that you will never be able to sue the other party again over the same accident, even if your future expenses turn out to be more than you thought they would be and even if you discover a new injury from the accident that wasn’t apparent at first. For these reasons, you must be very careful signing any release.
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