How do I insert a hyperlink in text

Since you never mentioned how or where you want to insert a link, I would recommend you use the Text Field which was specially designed for these kinds of purposes:

The Text Field allows HTML codes, and in turn would allow you to add a link anywhere on your form.

e.g. say you wanted to add a download link to a file

Result:

Related guide: How-to-Add-a-Downloadable-File-to-Your-Form