What do you believe about heaven and hell?

We were recently visiting with our neighbors and it came up that our neighbor had once been told "If you don't believe the same as I do, you're going to hell." I've heard that before, but usually in the phrase "If you don't belong to [this religion], you're going to hell." I immediately wanted to jump in on my husband's conversation to say "We don't believe that." But didn't get the chance. Yes, a missed missionary moment... but I did talk with his wife a few days later and let her know we didn't agree with that statement.

As I pondered that and Princess1 being around kids of the full range of religious thought at school, I wanted to make sure she knows that we don't believe that. And to help her know what our Church teaches about "heaven and hell". So that's my FHE lesson topic for September. Explaining our viewpoint and what the prophets have taught is easy. I'll be doing something similar to this.

Princess1 already understands that not everyone believes Pres. Monson is the Prophet of God. And not everyone follows what The Church of Jesus Christ of Latter-Day Saints teaches. If you know Princess1 or Princess2, you've probably heard their comments about "He's a naked kid" when they see someone without their shirt on. They both know that modesty is important in our family but that not everyone follows that. Now, to teach them to not point it out loudly when we're at the park :)

Here's where I need your help. I also want to be able to let Princess1 (and Princess2) know what others they are around may believe. Rather than trying to go off my memory or guess what other religions or non-religious friends believe, I decided I would post it as a question. What do you believe (and/or what does your church teach) about heaven and hell. In your response, please include what religion you are, if any. My intent with this information is to show Princess1 how we believe the same and how we believe different from those around us.

Thanks for your help and for being willing to share your beliefs with us.