In lieu of heatshrink tubing you can use a brush-on insulating coating which is sold for automotive & marine use & often used to dip tool handles to insulate them. I get mine at PRINCESS AUTO. The lid includes a brush immersed in the stuff.
Don't apply a battery directly to the LED, it will destroy it. You need a current-limiting resistor, occasionally referred to as a ballast resistor, I wud suggest a minimum of 68 Ohms or 100 Ohms. That's for a quick test. For a permanent installation you will want to select the resistor value to give you the desired brightness.
Red LEDs require the least voltage, other colours require more, & a white LED needs a bit over 4V to "ignite".
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