Not true.
A 1994 statute,
Pub.L. 103–329, limited post-presidential protection to ten years for presidents inaugurated after January 1, 1997. Under this statute,
Bill Clinton would still be entitled to lifetime protection, and all subsequent presidents would have been entitled to ten years of protection.
On January 10, 2013, President
Barack Obama signed the Former Presidents Protection Act of 2012, reinstating lifetime Secret Service protection for his predecessor
George W. Bush, himself, and all subsequent presidents.