Yes, you can cash out of your segregated fund.
Segregated funds are individual insurance contracts that invest in one or more underlying assets, such as a mutual fund but unlike mutual funds, segregated funds provide a guarantee to protect part of the money you invest.
If you cash out before the maturity date, the guarantee won’t apply. You’ll get the current market value of your investment, less any fees. This may be more or less than what you originally invested and may trigger a tax event.