My current BMI is 38.4.  I'm 6'1", 291 lbs.  My body fat % is 38.0% (110.58 lbs fat, 180.42 lbs of lean body mass). 

According to my BMI I am currently obese. I agree with that.

My goal weight is 225 lbs. Let's say I don't gain or loose any lean body mass (180 lbs), my BF% would be 20%.  A very healthy  BF%.  However,  my BMI would be 29.7 which is considered overweight (just out of the obese range).  Whaaaat?  that can't be right.  At 20% body fat how could I be considered overweight or obese?  In all likelyhood I will have added some muscle (say 5 - 10 lbs - for 190lbs LBM) and have a BF% of 15.6%. Obese or even simply overweight? my ass. ;)

For this reason I think BMI really sucks ass.  And what do insurance companies base their rates on?  BMI of course.