You "might" even consider taking it to an attorney before signing if you aren't sure just what the agreement means. However, settlement agreements cannot waive your right to apply for UI.
This is what one Il. (your state) lawyer notes: question: If someone gets laid off, under Illinois law, can an employer require you to waive your unemployment benefits as part of a severance or settlement agreement with full release?
answer: No. Even if the clause is in there it isn't legal. The employer can legally protest the application for benefits (that applies in all cases when an employee applies for unemployment insurance) but they cannot legally require the employee to give up their right to apply for them.