Localscript breaks when player resets?

I have a LocalScript inside a TextLabel which is a descendant of PlayerGui that constantly checks if a player has a certain tool in their inventory. The script itself works fine, however, when the player resets or dies, the script breaks. The output says: ":7: attempt to index a nil value.

The output is basically saying after the player respawns, the LocalPlayer is nil. But, there's a line of code that's supposed to prevent that.

repeat wait() until game.Players.LocalPlayer
repeat wait() until game.Players.LocalPlayer.Character

while wait() do
    if game.Players.LocalPlayer then
        local get = game.Players.LocalPlayer
        local backpackgun = game.Workspace:findFirstChild(get.Name):findFirstChild("Long Bow")
        local gun = get.Backpack:findFirstChild("Long Bow")
        if not gun and not backpackgun and script.Parent.Text == "WEAPON OWNED" then
            script.Parent.Text = "BUY?"
        end
    end
end

Can anyone help me out?

EDIT: I changed the script to this:

repeat wait() until game.Players.LocalPlayer
repeat wait() until game.Players.LocalPlayer.Character

while wait() do
    if game.Players.LocalPlayer and game.Players.LocalPlayer.Character then
        local get = game.Players.LocalPlayer
        local backpackgun = game.Workspace:findFirstChild(get.Name):findFirstChild("Long Bow")
        local gun = get.Backpack:findFirstChild("Long Bow")
        if not gun and not backpackgun and script.Parent.Text == "WEAPON OWNED" then
            script.Parent.Text = "BUY?"
        end
    end
end

but the output stays the same and the script breaks.