Regular replacement of policy

Someone told this story in a speech. When he started work, he bought a life insurance policy from a large company.

The agent saw him every few years, and convinced him to switch to a new policy. The agent said that the new policy was "better". This was done a few times over the years.

Later, he realised that the agent took advantage of him. Every time that he changed his insurance policy, he lost on the past savings and cash value. Although he had paid his premiums for 20 years, his cash value is low.

Where did this happen? It happened in Singapore. And it happened to a well eduated person!