That's actually a different one, and I believe not one that the phrase "life is suffering" means.
I'm not a Buddhist or an expert in Buddhism by any mean. But being born and raised in an South East Asian that is strongly culturally tied with Buddhism, I believe the phrase "life is suffering" isn't too far away from what I normally heard and read. Of course, different Buddhism sect will have different idea on the whole "what life is", but interestingly, I recalled reincarnation being considered not as a gift, but actually a curse. You should strive to live your life free of all the meaningless greeds, emotions and bad deeds so that you won't be reborn, and hence relieve from life's suffering.
Of course, I realize the whole thing might sounds bizarre with a lot of Westerners, as so does many of Buddhism's teaching (emotions is bad etc). But keeps in mind, personal happiness is specifically a Western ideal, one that has been spreading more and more to the East, but still incompatible with many of the old traditional ideals here (Note: I'm not saying either way is better or worse, I'm still trying to figure that out).